The Federal Government has fast-tracked three “critical” energy projects: Marinus Link, Project Energy Connect interconnector and Victoria to New South Wales Interconnector (VNI).
In his announcement, Prime Minister Scott Morrison said, “Together with our support for HumeLink and the QNI Interconnector, this means we are accelerating all priority transmission projects identified in the AEMO Integrated System Plan.
“Creating over 5,000 jobs, while reducing prices and keeping the grid reliable.
“We must also though, modernise the way the electricity market operates to take account of technological change and to put more power into the hands of consumers.
“The 21st Century electricity market needs 21st Century rules. A package of market reforms will come forward next year as part of the biggest shake-up of the National Electricity Market since it was created in 1998.
“New rules will take account of the increasingly distributed nature of generation and better recognise the critical stabilising role played by dispatchable generation.”
The South Australian Government has welcomed the announcement of the acceleration of the $1.5 billion Project Energy Connect interconnector.
The significant project is set to deliver cheaper and more reliable energy for South Australia and New South Wales.
The interconnector will also pave the way for new projects such as Neoen’s mammoth $3 billion Goyder Project near Burra.
South Australian Minister for Energy and Mining, Dan van Holst Pellekaan, said the interconnector will stabilise the grid.
“The interconnector will lead to cleaner, more reliable and more affordable energy for people across our state,” Mr Dan van Holst Pellekaan said.
“The Australian Energy Market Operator has deemed the SA-NSW Interconnector ‘critical’ and a ‘no regrets’ project.”
The Tasmanian Government also welcomed the listing of Project Marinus as one of three critical projects to be accelerated via a $250 million program.
Marinus Link represents an intergenerational opportunity to make Tasmania the renewable energy powerhouse of Australia and global leader in renewable energy.
Marinus Link is expected to play a vital role in the COVID-19 recovery with the combined investment in Marinus Link and renewable energy developments injecting up to $7.1 billion into the economy and creating thousands of jobs in regional areas.
The Tasmanian Government said its number one priority is to create jobs and rebuild the economy as the state and the country recovers from COVID-19, which is why it continues to back renewable energy projects and its vision to be a renewable energy powerhouse.