Treasurer, Minister for Energy and Minister for Home Ownership The Honourable David Janetzki
Crisafulli Government Saves CopperString
Crisafulli Government saves CopperString
- CopperString full cost revealed as almost $14 billion, nearly $12 billion more than originally announced by the former Labor Government.
- Labor failed to scope $4.9 billion in essential network connections required for the project.
- Crisafulli Government to leverage QIC infrastructure expertise to save CopperString and introduce private sector investment.
- Hughenden Hub to commence immediately with work on the Eastern Link from Hughenden to Townsville to be prioritised this year.
- Immediate economic development assessment of Western Link to maximise value for Queenslanders.
The Crisafulli Government will leverage the infrastructure expertise of Queensland Investment Corporation (QIC) to deliver CopperString amid eyewatering Labor blowouts.
The Government has today outlined how it will the save biggest energy project in North Queensland’s history after revelations it would have cost Queenslanders nearly $14 billion for the CopperString project and network connections, a staggering $12 billion blowout under Labor.
Treasurer and Energy Minister David Janetzki said QIC’s infrastructure delivery capability, coupled with Powerlink’s transmission expertise would mean the project would not only be saved but would deliver value for Queenslanders.
“QIC is Queensland’s finest, and we will draw upon its global experience and ability to attract private sector investment to deliver this economic transformation of the North West,” Minister Janetzki said.
“We’re cleaning up one of the most disgraceful cases of fiscal vandalism under the former Labor Government and we will deliver CopperString with an expanded early works package that will include a record capital investment.
“QIC’s work starts today. It will not only oversee the prioritisation of work on the Eastern Link but begin a full analysis of options to deliver the best economic value for the Western Link.”
Mr Janetzki said by prioritising the Eastern Link, the benefits of the project would be received sooner.
“The sooner we can connect the North West to the National Electricity Market the better,” Minister Janetzki said.
“Prioritising the Eastern Link will also allow focus to be placed on connecting renewable generation in the proposed Flinders Renewable Energy Zone.
“Hughenden will remain the heart of CopperString – the Hughenden Hub of the Eastern Link, which will begin construction later this year, pending federal approval, will create 100 jobs.
“We want to reassure the communities and the businesses in the North and North West of the State we’re committed to saving CopperString.
“Despite the cost of the project blowing out under Labor from $1.8 billion in 2020 to $5 billion in 2023, then to $9 billion after the election and $13.9 billion with the network connections needed, the Crisafulli Government is delivering this project for the benefit of Queenslanders.
“We’re committed to working in lockstep with local communities in a calm and methodical manner to ensure we‘re delivering the best project for the North West.
“We‘re developing a new energy roadmap that will outline and engineer a credible pathway for our State’s energy future — one that is guided by economics not ideology, will respect Queenslanders’ money, and boost market confidence and investment.
“Unlike the former Labor Government, we‘ll be transparent with the people of Queensland on costs and timeframes.”
The CopperString project is a 1,100-kilometre high-voltage electricity transmission line from Townsville to Mount Isa that will connect the State’s North West Minerals Province to the national electricity grid.
https://statements.qld.gov.au/statements/102354