Marinus Link submits revenue proposal to AER for public exhibition.
Marinus Link’s first revenue proposal has been released by the Australian Energy Regulator (AER) for public comment.
The revenue proposal outlines how Marinus Link will ensure prudent recovery of costs for early works on the project, a requirement under the National Electricity Rules.
“The proposal ensures Marinus Link will be ready when the nation needs it most and reduces project risks,” Marinus Link Chief Executive Officer Caroline Wykamp said.
“Marinus Link’s two-way transmission will give customers access to the lowest-cost energy and unlock hydro storage capability,” she said.
“Importantly, until Marinus Link is commissioned, costs will not be recovered from consumers.”
The AER will now commence a thorough review process and hold a public forum on the proposal, with revenue determination expected for 15 December 2023.
Marinus Link will submit a second proposal to the AER for manufacturing, construction and commission expenditure early next year.
Energy consumers are invited to read and make a submission on the proposal available on the AER website – here.
Background
Marinus Link is an underground and undersea electricity and data cable that will further connect Tasmania and Victoria. It will have a 1500-megawatt (MW) capacity, equal to the power supply for 1.5 million Australian homes.
Marinus Link will ensure customers and businesses can access the lowest-cost, most reliable power. It will allow Tasmania to combine the benefits of solar, wind and hydro, giving Tasmanians the lowest possible power prices and giving new industries the energy confidence to establish in Tasmania.
For Australians, Marinus Link will unlock Tasmania’s hydropower resources, providing access to massive amounts of renewable storage capacity.
In delivering a reliable, secure energy supply and stronger data connections, Marinus Link will allow Tasmania to attract investment in renewable energy generation, data centres and new industries, providing more than $10 billion in gross market benefits.
Marinus Link will support investment in renewable energy projects in Victoria by providing access to a new market, and it will create new jobs and a pipeline of industry for the future. At peak construction, Marinus Link will create more than 2000 direct and indirect Tasmanian and Victorian jobs and thousands more as a result of growing industries.
Media contact – Nick Turner nicolas.turner@corcomms.com.au or 0418 538 865.