LOCAL energy network provider AusNet has submitted a proposal to the Australian Energy Regulator (AER) to approve $3.5 billion in investment to upgrade the distribution network to improve its reliability and resilience for customers.

AusNet says it follows more than two years of engagement and research involving more than 16,000 customers to seek feedback on the investment proposals.

AusNet executive general manager electricity distribution, Andrew Linnie, said the investment would provide the funding necessary to continue to meet customer and community needs to support reliability, safety and electrification.

The $3.5 billion includes $1.35 billion to replace ageing assets, $770 million to increase the capacity of the network, $430 million to improve reliability for problem areas on the network and make the network more resilient to extreme weather, $430 million on digital systems to maintain core services and $240 million to integrate rooftop solar and large-scale wind and solar generators, putting downwards pressure on wholesale energy prices.

“We know our customers are facing cost-of-living pressures and we believe we have struck a balance between investing in the network, while keeping energy prices as affordable as possible,” said Mr Linnie.

“We have seen a significant increase in frequency and severity of extreme weather events and it’s important we make the network more resilient to these occurrences.

"We also want to improve reliability for many of our regional customers.

“The initiatives and investment proposed are an important step to enable our network to meet future needs."

Earlier this month, residents and businesses in the King Valley region experienced up to five power outages within six days, when bushfire mitigation technology was triggered following isolated instances of storm damage on the region's power lines.

AusNet plans are approved by the AER every five years through the Electricity Distribution Price Review (EDPR) process and the proposal can be viewed at communityhub.ausnetservices.com.au.