Australia to head huge electricity and internet project in PNG
SIDNEY -
Australia will lead a new multi-billion-dollar electricity and internet rollout in Papua New Guinea.
The Australian newspaper reported New Zealand the US, Japan and South Korea are supporting the project, which will be PNG's largest ever development investment.
The project will deliver internet to 70 percent of PNG and improve access to power.
Both China and the US are also expected to announce new investments in the region at the APEC summit this week.
Beijing will announce new mining and energy investments in PNG, and two Confucius Insitutes to be housed at PNG universities.
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The firm said spot electricity prices in India bolted to a record high of 10.6 cents/kWh (INR5.1/kWh) in Q3 and even hit a 15-minute peak of 20.7 cents/kWh (9.9/kWh). The spike was due to a power supply crunch on higher electricity demand from power distribution companies.
As an effect, Sembcorp Industries' Sembcorp Gayatri Power Limited's (SGPL) losses of $26m in Q1 and $29m in Q2…
