CopperString Qld: Treasurer set to commit additional $1.4bn

The state government will commit an additional $1.4bn in the budget for the construction of what could be North Queensland’s biggest energy project.

Treasurer David Janetzki is set to make the announcement in Townsville on Friday.

The state government will commit an additional $1.4bn in the budget for the construction of what could be North Queensland’s biggest energy project.

Energy Minister and Treasurer David Janetzki is expected to fly into Townsville to make the funding announcement for the CopperString transmission line on Friday.

The next stage of the funding commitment, spanning the next four years, would bring the total state funding package earmarked for the project to $2.4bn.

The transmission line, set to be built between Townsville and Mount Isa, would connect the North West Minerals Province and renewable energy projects to the energy grid.

Industry advocates including Townsville Enterprise have fought for the project’s security as the project has blown out three times in the past 12 months – from $5bn to $13.9bn.

Mr Janetzki said the funding announcement showed the government’s determination to save the transmission line, as he cast blame on the previous Labor Government for increased costs.

“Our words matter and when we said we’re saving CopperString we meant it,” he said.

An artist’s impression of the CopperString site

“Our investment commitment to the project provides much needed certainty to regional communities, local councils and investors.”

Flinders Shire Mayor Kate Peddle was excited the project could move forward, but said there had already been numerous announcements of blowouts and commitments.

“I think we were all resolved with the fact they were committed to it,” she said.

“We just were really uncertain about what it actually looks like.

“And at the end of the day, I’ve got a 500 man camp sitting here with nobody in it, and everybody’s sort of asking the basic questions of what and when.”

Queensland Investment Corporation recently took over delivery of the project alongside Powerlink, in a bid to attract private investment to fund the project and reduce the costs to Treasury.

They would prioritise work on the eastern link of the project between Hughenden and Townsville.

The next steps would be on securing planning and environment approvals while preparing to build the Flinders substation.

Originally published as CopperString Qld: Treasurer set to commit additional $1.4bn