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Australia Report Favors Northeast Dam Project -- Market Talk

21 Mar 2018 4:22 am

0422 GMT - A government-funded report into a multibillion-dollar dam proposed for Australia's northeast has found the project could be economically viable. Supporters of the project near Townsville, first proposed in the 1930s, say it could sustain an expanded beef industry and irrigated sugarcane and sorghum while easing power shortages along Australia's eastern seaboard. It would have capacity to generate 12,000 megawatts of electricity; the average Australian home uses 7MW/year. The government commissioned a A$2.2 million study in 2017 from a fund set up to accelerate dam-building projects in the underdeveloped north. The report is a precursor to attracting private and public investment for the project. (rob.taylor@wsj.com)

(END) Dow Jones Newswires

March 21, 2018 00:22 ET (04:22 GMT)

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