Australian State to Invest $11 Billion in Renewables

Australia's most populous state will be ready for 100% renewable energy within a decade under a $11.20 billion infrastructure investment plan announced by a major grid operator on Wednesday.
Transgrid, privatized in 2015, will invest in batteries and other energy storage, as well as 2,500 kilometers of new transmission lines across an area larger than Texas for "secure operation" of the grid at up to 100% instantaneous renewables, Reuters reported.
The company owns and operates over 13,000 km of transmission lines across New South Wales state and the Australian Capital Territory.
"There will be no transition without transmission," Chief Executive Brett Redman said in a statement.
"With over 80% of coal-fired capacity in NSW expected to retire and 28 gigawatts of new renewable and storage capacity coming on stream in the next 10 years, we must urgently accelerate the investment in all areas of the energy transition."
Wednesday's plan highlights the scale of investment required to reach the Labor government's pledge to cut carbon emissions by 43% from 2005 levels by 2030 and how a sizable chunk of the spending falls outside building new wind, solar and hydro projects.
In a decade, 80% of today's coal-fired capacity will close.