KUALA LUMPUR (June 9): YTL Power International Bhd's 33.5%-owned associate ElectraNet Pty Ltd has confirmed that it will invest A$457.4 million to deliver the South Australian section of the Project EnergyConnect high-voltage electricity transmission interconnector.
The A$2.28 billion project spans 900km from South Australia to New South Wales and has a total capacity of 800MW and a voltage of 330kV; the South Australian part of the line runs from Robertstown to the New South Wales border.
In a statement, ElectraNet said that South Australian households can expect to receive an average saving of around A$100 a year on their electricity bill after the interconnector is completed, while small businesses are poised to enjoy even bigger savings.
There will also be substantial economic benefits including 200 new jobs in South Australia during the construction phase of the project, added the company.
"Over the past five years ElectraNet has demonstrated through a rigorous assessment process that Project EnergyConnect is good for South Australian and New South Wales customers, and we now look forward to getting on and building it, so those benefits can be realised," said ElectraNet chief executive Steve Masters in the statement.
He added that this project will drive competition in the wholesale electricity market by connecting more low-cost energy generation to the electricity grid and support the transition to a low carbon emission future.
According to ElectraNet, in South Australia, the project's Environmental Impact Statement (EIS) is currently open for public comment and is undergoing assessment by the South Australian government's Planning and Land Use Services.
Pending all necessary environmental approvals, construction is expected to start later this year with commissioning under way in 2023, it said.
As at 11.48am, YTL Power fell half a sen or 0.68% to 73 sen, giving it a market capitalisation of RM5.87 billion.