TasNetworks has welcomed the findings of the Grattan Institute’s Go for Net Zero report, which supports the role that new interstate transmission projects like Marinus Link will play in securing Australia’s low emissions energy future.
The report finds that Australia can achieve a net-zero carbon emissions electricity system without threatening affordability or reliability of supply.
It says that more transmission, both between and within states, is needed to support high renewable penetration. The report also highlights that a national electricity market linked across states by interconnectors such as Marinus Link will grow in value to all member states and territories.
Marinus Link is a proposed 1500 Megawatt undersea and underground electricity and telecommunications connection between Victoria and Tasmania.
Along with power price savings, Marinus Link will deliver 2800 direct and indirect jobs across Tasmania and Victoria, and attract billions of investment dollars to both states.
Ross Burridge, Acting CEO for TasNetworks welcomed the findings, saying they support the case for Marinus Link.
“The Go for Net Zero report shows that under a scenario where 70 percent or even 90 percent of the NEM is renewables, an upgraded transmission network reduces the cost of electricity overall, even taking into account the cost of upgrading the network.
“As the Grattan Institute says, less wind and solar energy would be wasted under these scenarios, meaning excess supply of wind and solar from each NEM member state and territory can be exported to displace costlier forms of generation elsewhere.
“That excess energy, otherwise spilt, can also be stored in places like Tasmania, using long-duration, deep hydro reserves and additional storage capability.”
Mr Burridge was encouraged to see the report’s statement that Marinus Link and other interconnectors would effectively ‘pay for themselves’ 1 in terms of supporting more renewable energy, which will dramatically cut emissions.
TasNetworks also welcomes the Grattan Institute’s recommendation that governments agree on cost allocation so interconnector upgrades that pass a rigorous cost-benefit test can proceed as needed and support underwriting of early development work on high-priority interstate transmission projects.
