$250 million in funding for major transmission projects including Marinus Link was announced as part of last night’s federal budget. This is part of a $250 million package to accelerate major transmission projects across Australia.
This funding will help advance the design and approval phase. Combined, Marinus Link and the North West Transmission Developments cross Tasmanian, Victorian and Australian Government jurisdictions. As a result, these developments will be subject to a large and complex multi-jurisdictional approvals process, including environmental and social impact assessments.
Earlier this year, the Australian Energy Market Operator (AEMO) confirmed Marinus Link as a critical project to support a rapidly transforming National Electricity Market. Marinus Link will support the national energy market transition by accessing necessary large-scale and deep storage in Tasmania to increase network reliability; allowing more efficient generation sharing between Tasmania and Victoria; and unlock Tasmania’s world-class wind resources.
A board will be established to progress Marinus Link to the design and approval phase, and to provide direction on how the project will be funded. The Final Investment Decision is expected to be made by 2024. The AEMO Integrated System Plan called for the project to be ‘shovel ready’ by 2023-24, and able to be in service from the late 2020’s.
