TasNetworks has welcomed the news that Marinus Link will receive further support to complete the Design and Approvals phase, as part of a historic agreement between the Tasmanian and Australian Governments announced today in Northern Tasmania.
TasNetworks CEO, Lance Balcombe and Project Marinus General Manager, Bess Clark joined the Prime Minister, Scott Morrison and the Tasmanian Premier, Peter Gutwein and Tasmanian State and Federal Energy Ministers at an event today.
“Today’s announcement will see Marinus Link progress to an investment decision. It recognises Marinus Link’s important role in a transforming National Electricity Market. The project will create thousands of jobs and put downward pressure on electricity prices,” TasNetworks CEO, Lance Balcombe said.
“The MOU will see the project receive an additional $132.9 million to complete the current Design and Approvals phase. This includes $93.9 million from the Commonwealth and $39 million from the Tasmanian State Government” Mr Balcombe said.
A Memorandum of Understanding (MOU) agreed by the Tasmanian and Commonwealth Governments involves a jointly-owned Special Purpose Vehicle (SPV) being established by 1 July 2021 to deliver the remainder of the Design and Approvals phase for Project Marinus. The SPV will provide the governance and oversight to guide the project to a final investment decision in 2023-24.
“The MOU announcement further confirms the value of Project Marinus as critical to supporting a rapidly transforming National Electricity Market (NEM) by delivering low-cost, reliable and clean energy to electricity customers, Mr Balcombe said.
“We look forward to working with The Tasmanian and Australian Governments under the MOU arrangements as this important national infrastructure project progresses through the Design and Approvals phase.” Mr Balcombe said.
The announcement coincides with the release of the Marinus Link Route Options Report Overview which is open for consultation ahead of further engagement with communities and landowners in Tasmania and Victoria in the coming weeks and months.
The Route Options Report Overview describes the proposed route for Marinus Link including the location of the converter station site in Tasmania.
TasNetworks is pleased to have reached agreement with the Burnie City Council to purchase the Old Tioxide Site in Heybridge as a potential site for the Tasmanian Converter Stations for Marinus Link.
Both Governments have also agreed to continue to support Hydro Tasmania’s Battery of the Nation initiative and TasNetworks welcomes the news that Lake Cethana is the preferred Pumped Hydro Energy Storage site to progress as part of a final feasibility assessment.
View more information on the Route Options Report Overview.