19 October 2022
An historic agreement announced today has secured Marinus Link as a critical transmission project for the nation.
The agreement formalises the joint ownership of Marinus Link between the Australian, Tasmanian and Victorian Governments.
The deal paves the way for lower power costs. For customers of the National Electricity Market (NEM), including Tasmania, the projected savings on wholesale power costs are up to $103 each year.
“This is a huge opportunity to be part of a cleaner and more prosperous energy future,” Marinus Link CEO Bess Clark said.
Marinus Link and the North West Transmission Developments (NWTD) is a $3.8 billion investment, based on 2021 dollar estimates, that will deliver 2800 direct and indirect jobs, and a further $2.9 billion of economic benefits in Tasmania and Victoria.
It will unlock a further $7 billion in wind, solar and hydro developments and firm-up other renewable energy projects.
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.
Meanwhile planning work continues, with community engagement an important component of the design and approvals phase.
“We will continue to work closely with communities in North West Tasmania, South Gippsland and the Latrobe Valley in Victoria as we continue the design and approvals stage of Marinus Link,” Bess said.
You can find out more about Marinus Link here
