Poles and wires milestone EOIs for lease of TransGrid

Poles and wires milestone – EOIs for lease of TransGridA major milestone in the NSW Government’s plans to partially lease the State’s poles and wires has been announced, with calls for Expressions of Interest for the lease of TransGrid. Interested parties have until 14 July 2015 to lodge an EOI.The partial lease of the poles and wires (including Endeavour Energy and Ausgrid) is expected to unlock $20 billion which will be invested into new roads, rail, hospitals and schools, new sports and cultural facilities, and vital water infrastructure in our regions.Legislation has been passed which means bidders must ensure that total network charges for the 2019 financial year will be lower than the charges for the 2014 financial year.The Property Council has long advocated for the use of funds from asset recycling to fund better infrastructure across Sydney. This included a radio advertising campaign in the lead up to the 2015 State election.Excitingly the partial lease of the poles and wires will allow necessary infrastructure such as the second harbour rail crossing to become a reality. The Property Council has long highlighted the need for a second harbour rail crossing to provide a radical boost to the mobility and productivity of Sydney. Plans are underway, with $84 million having been allocated in the 2015-16 NSW Budget to continue the planning and development for the second harbour rail crossing. To read the media release click here.