Marinus Link Pty Ltd welcomes today’s historic agreement between the Australian, Tasmanian and Victorian Governments to progress Marinus Link.
“This is a milestone for Australia’s energy transition, lower power prices, emissions reduction and jobs creation,” Marinus Link Board Chair Samantha Hogg said.
The announcement today by the Hon Anthony Albanese, Prime Minister of Australia, the Hon Chris Bowen, Federal Minister for Climate Change and Energy, the Hon Jeremy Rockliff, Premier of Tasmania and the Hon Guy Barnett, Tasmanian Minister for Energy and Renewables, secures the Marinus Link interconnector as a critical transmission project for the nation.
“Delivering Marinus Link, and unlocking further development of renewables, enables plentiful clean energy supply for the growth of new and existing business and industry right here in Tasmania. We will stay fully self-sufficient in clean, renewable energy,” Ms Hogg said.
“New projects and lower cost, clean energy will create hundreds of permanent Tasmanian jobs and enable a prosperous future for our economy.
“Marinus Link unlocks new clean energy projects in both Tasmania and Victoria, creating regional jobs for decades to come.
Together with the North West Transmission Developments (NWTD), Marinus Link will deliver 2800 direct and indirect jobs, and a further $2.9 billion of economic benefits in Tasmania and Victoria.”
Marinus Link CEO Bess Clark said at 1500 MW, Marinus Link is about three times the capacity of the existing Basslink interconnector, and equivalent capacity to the former Hazelwood power station in Victoria, able to supply over 1.5 million Australian homes with electricity.
“The project has been identified by the market operator as urgently required and today’s announcement provides the commercial framework to see the project progress through to operation,” Ms Clark said.
“Marinus Link will ensure long-term energy security and provide Tasmanians with a stronger, more resilient grid. Marinus Link will allow Tasmania’s capacity-rich hydro generation to be better utilised, alongside new wind and solar energy.
“This will put downward pressure on Tasmanian power prices, making household power bills lower than they would otherwise be without Marinus Link. It will also support affordable and reliable supply for Victorians, as coal generation continues to retire.
“Marinus Link will also boost telecommunications between Tasmania and Victoria, providing greater reliability and resilience. The fibre optic cable capacity will be 150 times greater than all three current Bass Strait fibre optic cables combined.
“We will continue to work closely with communities in North West Tasmania, South Gippsland and the Latrobe Valley as we progress the design and approvals stage of Marinus Link,” Ms Clark said.
The Australian Government funding is part of the $20 billion Rewiring the Nation plan to transform the country’s electricity grid.
Background
Marinus Link is a proposed two-way 1500 megawatt (MW) electricity and telecommunications connection between Victoria and Tasmania, supported by high voltage alternating current (HVAC) transmission network developments in Tasmania’s North West (NWTD).
Marinus Link involves approximately 255 kilometres of undersea high voltage direct current (HVDC) cabling, approximately 90 kilometres of underground HVDC cabling and converter stations at each end in Tasmania and Victoria.
Marinus Link Pty Ltd, a subsidiary of TasNetworks, is progressing the ‘design and approvals’ stages. The first 750 MW stage is forecast to be built and operating from mid-2028 with the second 750 MW stage from mid-2030.
Marinus Link and NWTD will cost $3.8b to build based on 2021 dollar estimates, and will deliver over $8.3b in benefits to the National Electricity Market.