Marinus Link Pty Ltd (MLPL) has welcomed a positive Final Investment Decision from its shareholders for the first stage of the Marinus Link Project.
MLPL said the decision confirms that there is a sound financial and economic investment case for proceeding with the construction phase of Marinus Link Stage 1, based on an assessment of forecast costs, revenue, associated benefits and risks.
MLPL CEO, Stephanie McGregor, said Marinus Link’s legacy has been cemented in Australia’s energy system, economy and climate aspirations.
“The coming together of three jurisdictions demonstrates Marinus Link’s truly national significance and benefit across the National Electricity Market, as well as directly to communities in Tasmania and Victoria,” Ms McGregor said.
“This marks our shareholders’ green light for the Marinus Link project.
“Everyone who has worked on Marinus Link from conception to now deserves credit for this historic achievement and should be incredibly proud. Your conviction will change the course of a nation.
“MLPL would like to thank the many community members, organisations, and industry and business leaders who have openly engaged with our organisation and people throughout this journey.
“We will continue to engage regularly with the communities and landholders along the project alignment before construction commences, which is planned for 2026.”
Marinus Link is expected to provide substantial consumer benefits resulting from reductions to wholesale electricity prices across the National Electricity Market (NEM).
Construction is expected to commence in 2026, subject to final environmental and regulatory approvals. Stage 1 is scheduled for completion by 2030.
MLPL is jointly owned by the Federal, Tasmanian and Victorian governments. MLPL is responsible for progressing the Marinus Link interconnector project.
Hydro Tasmania also welcomed the announcement, and
Hydro Tasmania CEO, Rachel Watson, also welcomed the announcement, and said that Marinus Link and the North-West Transmission Development were critical investments in Tasmania’s energy future.
“A modern energy system that meets growing demand, keeps prices as low as possible and mitigates climate risks will require a combination of interconnection, transmission and flexible hydro capacity working in concert with wind and solar,” Ms Watson said.
“Marinus will deliver additional resilience during dry conditions, allowing Hydro Tasmania to strategically manage water levels in our dams.
“And critically, it will help attract the new wind and solar generation we need to complement our hydro network and grow the state’s generation capacity.
Ms Watson said the investment would also unlock greater access to the National Electricity Market (NEM) to increase revenue returns and bolster the Tasmanian budget.
“When we trade electricity, we buy and sell for short periods that generally offset each other over time. It doesn’t impact energy availability in Tasmania.
“We take excess power from the mainland when their wind and solar are working overtime and save the precious water in our dams. We sell energy back when demand spikes and the price goes up.
“Hydro Tasmania’s profits are returned to the people of Tasmania through our dividend, so the Government can spend more on vital infrastructure such as schools, hospitals and housing.”
