CopperString blowout to $14bn won’t impact taxpayers: Janetzki

Queensland taxpayers will not fork out for blowouts to CopperString, as David Janetzki hatches a plan to save the now $14bn project.

Treasurer and Minister for Energy David Janetzki delivers a keynote address to the Queensland Energy Club. Picture: Dan Peled/NCA NewsWire

Queensland taxpayers will not fork out for blowouts to the CopperString project which now has a whopping $14bn price tag, Treasurer and Energy Minister David Janetzki has vowed.

Mr Janetzki said government-owned electricity transmission operator Powerlink was not to blame for an eye-watering $5bn increase in just five months, as he appointed the Queensland Investment Corporation to work alongside it to drive down costs.

The increase has been blamed on “major network extensions” needed to connect mining and energy projects to the high-voltage transmission line running 1100km from Mount Isa to Townsville.

QIC would focus on construction of the 1100km transmission line starting from Townsville so renewable energy from Hughenden could be brought on to the grid sooner, and speed up commercial viability.

“For CopperString to deliver the full benefits it must go all the way from Townsville to the territory border,” Mr Janetzki said.

He blamed the former Labor government rather than Powerlink for not including $5bn in costs for six major network extensions that would connect mines to the transmission line.

An artist’s impression of the CopperString site in Hughenden

“Powerlink has always acted in accordance with the direction of the government of the day,” he said.

“We have drawn a line in the sand today; we want to deliver CopperString and we’ve now adopted a model to do so, and that means QIC stepping in.”

Opposition Leader Steven Miles said Mr Janetzki was looking for an excuse to axe CopperString, fearing the western section which would connect the North West Minerals Province to the grid would be abandoned.

“They’re just building their case,” Mr Miles said.

A North West mine manager said the projected cost of $1.3bn was higher than expected.

“That’s a significant expenditure; I’d be interested to know what they’re doing,” he said.

He said QIC had the business connections to negotiate for lower costings which could drive down the price.

Mr Janetzki announced QIC’s involvement as he revealed a five-year energy plan, which emphasised a mixed energy scheme focused on extending coal-fired power stations and embracing private investment for renewable energy.

Originally published as CopperString blowout to $14bn won’t impact taxpayers: Janetzki