The price tag of Queensland’s CopperString Project has blown out to 14 billion dollars. That's almost three times the cost of when the state government first took ownership. In a sweeping energy announcement, the Queensland Treasurer says coal will continue to be vital in Queensland.
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00:00Flicking the switch on the future of Queensland's power.
00:07The what, when, how, where and why of energy...
00:11The government revealing a vital component has blown out in cost.
00:16Copper String was meant to deliver 1,100 kilometres of overhead power lines
00:21from Townsville to Mount Isa by 2029.
00:24Connecting the Northwest Minerals province to the national electricity market for the first time.
00:30The project's price tag now nearly $14 billion.
00:34The $5 billion increase put down to the former Labor government,
00:38not including major extensions required to connect to other projects.
00:43It was like they were building a highway with no on or off ramps.
00:48The Premier said that these kind of cost blowouts wouldn't happen under his government
00:53and he said that if they did happen, his ministers would be held to account.
00:58The blowout means the link to Huwenden will be prioritised
01:02and the remaining lines to Mount Isa reviewed, with no completion date set for the project.
01:08There's $650 billion worth of metals that we know of in the Northwest Mineral province.
01:12All of that is under risk if you don't connect us to the national electricity grid.
01:17The Treasurer and the Government have said everything right.
01:20They're saying they're fully committed to doing the entire project all the way to the Northern Territory border
01:25and I just hope like hell that is true.
01:27This is the most important project for the North.
01:30It's enabling a $40 billion investment pipeline and without it we cannot deliver on the best solar and wind resources.
01:37We can't keep our smelter and refinery open.
01:39The Treasurer also announcing the Government will extend the life of Queensland's coal-fired power stations beyond 2035.
01:47They remain a competitive advantage for our state and will continue to play a central role in our grid.
01:53Extending coal is bad for Queenslanders and it's bad for our environment and it's bad for the Great Barrier Reef.
01:58And the worst thing is it will also drive up energy prices.
02:02The Government says it's still committed to achieving net zero emissions by 2050
02:07but that needs to be in partnership with an affordable and reliable energy system.
02:12However, one benchmark is in doubt.
02:15Queensland's 75% emissions reductions target by 2035 to be reviewed.
02:21There's a lot of modelling that now needs to be undertaken.
02:24The Government's five year energy roadmap will be released by the end of the year.