Origin Energy (ASX:ORG) is set to secure access to a crucial transmission line in New South Wales after being preliminarily selected for the South West Renewable Energy Zone (REZ), a central area in the state's energy transition plan, the Australian reported Wednesday.
The selection, yet to be publicly confirmed, marks a significant step for Origin, which invested AU$300 million in the Yanco wind project, per the report.
The South West REZ is highly sought after by developers like Origin, and AGL Energy (ASX:AGL) due to its favorable planning laws and proximity to the AU$3.3 billion HumeLink transmission line, the report added.
The zone will support 2.5 gigawatts (GW) of renewable energy, a smaller capacity than other REZs. However, if Origin and AGL secure their planned projects, it could limit space for other developers.
With NSW lagging behind its renewable targets, the race for transmission access in key regions like the South West REZ is intensifying as the federal government pushes for 80% renewable electricity by 2030.
Origin did not immediately respond to MT Newswires' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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