Marinus Link has received a boost, with a new independent analysis showing increased benefits for the proposed electricity interconnector between Tasmania and Victoria.
The joint proponents, Marinus Link Pty Ltd (MLPL) and TasNetworks, have updated their Regulatory Investment Test for Transmission ahead of lodging a revised Revenue Proposal with the Australian Energy Regulator.
Independent experts EY Parthenon conducted market benefit analysis while FTI Consulting examined consumer benefits, with both finding substantial advantages for the project.
Marinus Link CEO Stephanie McGregor said the updated analysis showed stronger benefits based on latest market data.
“The updated modelling draws from the Australian Energy Market Operator’s latest input assumptions and future scenarios data, which show an increased need for Project Marinus in meeting future electricity demand across the grid,” McGregor said.
“These findings show that as the energy market continues to evolve, Project Marinus remains crucial for energy affordability, security, and decarbonisation.”
The project’s costs have now been market tested and refined to $3.89 billion for Marinus Link and $1.14 billion for the North West Transmission Developments in 2023 dollars.
TasNetworks CEO Seán Mc Goldrick said ongoing stakeholder engagement is key to the project’s success.
“Both MLPL [Marinus Link] and TasNetworks continue to engage with key community, consumer, business and industrial stakeholders as part of this regulatory process,” Mc Goldrick said.
Project Marinus comprises the Marinus Link – a proposed 1500 megawatt capacity undersea and underground electricity interconnector between North West Tasmania and Victoria’s Latrobe Valley – and the North West Transmission Developments, which includes 240km of new and upgraded transmission lines in Tasmania.
The project aims to enable two-way electricity flow, bolster energy security and promote renewable energy investment across the National Electricity Market.
Today’s news comes just days after Tasmanian Labor announced they would sell the state’s share in the project if elected.
Labor Leader Dean Winter said letting the Victorian and Federal governments take 100% ownership of the project would save Tasmanian taxpayers 200 million upfront and ‘many more millions’ over the life of the project.
Liberal Energy Minister Nick Duigan said Labor’s plan would “drive up power prices”.
“The Liberals will retain Tasmania’s share and control of Marinus while not spending an additional dollar,” he said.
Stakeholders can provide feedback on the new Regulatory Investment Test for Transmission findings until 8 August.
Main construction for the North West Transmission Developments is anticipated to commence in 2026 following final investment decision approval.
