Australia needs to invest $100bn over the next decade to avert brown-outs and power shortages in the country, Resources and Energy Minister Martin Ferguson has announced.
According to Ferguson, investment is required to meet growing demand and replace ageing infrastructure, reports The Australian.
“We simply cannot maintain supply reliability for households and businesses if we don’t invest in electricity supply infrastructure,” Ferguson said.
Ferguson also said that investments would imply a steep rise in electricity prices.
The investments were also required for climate change energy-efficiency measures, renewables and other clean energy technologies.
Australia’s electricity prices have increased by around 35% in three years, and its demand for power is expected to rise over 40% by 2030.