The Albanese and Rockliff Governments are acting with a new deal to keep the critical Marinus Link project plugged in – driving economic growth and putting downward pressure on prices across Tasmania and the national East Coast grid.
MarinusLink is an incredibly important project for Tasmania and Australia, reducing the cost of living pressures for Tasmanians and the East Coast National Electricity Market (NEM) through cleaner and cheaper energy.
Marinus will unlock renewable energy generation and storage for the mainland through Tasmania’s Battery of the Nation projects and unlock the next wave of renewable energy development in Tasmania, attracting investment and jobs in the state.
The following amendments to the original MarinusLink agreement:
- The project will be focused on one cable in the first instance, with negotiations to continue on a second cable, to be considered after FID on cable 1. AEMO ISP modelling finds the majority of the benefits from Marinus Link are realised from the first cable – close to two thirds. In addition, Tasmania will also get an added energy security benefit from cable one, providing critical redundancy for Basslink.
- Working towards a delivery timeframe as close as possible to 2028, or earlier if possible, while still seeing a value for money and lowest cost outcome.
- Increasing the Commonwealth’s equity share in a joint venture entity to 49 per cent, with Tasmania’s equity share to be approximately 17.7 per cent and Victoria’s remaining at 33.3 per cent, significantly reducing costs to Tasmania.
- Tasmania will have the option to sell its stake to the Commonwealth upon commissioning of the project.
- Increasing concessionality of Commonwealth debt financing via the CEFC- subject to CEFC independent decision making and due diligence, delivering lower costs for consumers.
Have questions? Check out the updated Marinus Link FAQs marinuslink.com.au/faqs/ or contact the Energy Hub directly.
