Energy Networks Australia has welcomed the release of the Business Case Assessment and Project Assessment Draft Report for Marinus Link.
The analysis by TasNetworks shows the project will provide an economic advantage to Australia, outweighing the expected costs of the project.
Marinus Link is the proposed 1500 MW capacity second undersea electricity transmission interconnector between Tasmania and Victoria.
Energy Networks Australia Chief Executive Officer Andrew Dillon said Marinus Link would help deliver a more stable and sustainable national electricity grid.
“A more interconnected grid is a more efficient and reliable grid,” Mr Dillon said.
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“Interconnection between markets provides greater flexibility, better reliability and can deliver more affordable electricity for customers.
“This project will allow up to 1500 MW of renewable generation to be supplied to the National Electricity Market.
“With the rise of variable solar and wind generation, unlocking the hydro capacity of Tasmania to store and generate electricity will help keep the lights on and businesses running.”
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The business case estimates that Marinus Link will deliver 1400 jobs in Tasmania and 1400 jobs in Victoria at peak construction. The economic contribution from the construction of Marinus Link and supporting transmission is estimated to be $1.4 billion to the Tasmania economy and $1.5 billion to the Victorian economy.
It is also estimated that Marinus Link and supporting transmission will unlock a pipeline of investment in renewable energy and long-duration energy storage development with an estimated value of up to $5.7 billion and 2350 jobs.
Read the assessments here.