Marinus Link Stage 1 has reached Final Investment Decision (FID), marking a significant milestone in Australia's transition to a cleaner, fairer and more reliable energy future.
The underwater cable will bring more Tasmanian hydroelectricity to the mainland, while providing the island state with improved access to the National Electricity Market (NEM).
Agreement on the FID between the Commonwealth, Victorian and Tasmanian Governments marks the beginning of a series of detailed steps before Marinus Link proceeds to the construction phase.
This project is a cornerstone of the Albanese Government's commitment to reducing emissions and creating jobs in regional communities, with its 750-megawatt capacity roughly equal to the power supply for 750,000 Australian homes.
Stage 1 construction would commence in 2026 and is slated for completion in 2030.
A recent report to the Australian Energy Regulator found that building Marinus Link would deliver more than $1bn in climate pollution savings while putting downward pressure on energy bills.
The project will not only allow more reliable renewable energy into the NEM but also stimulate economic growth, create thousands of jobs, and provide long-term benefits to communities across Tasmania and Victoria.
Quotes attributable to Minister for Climate Change and Energy, Chris Bowen:
"Marinus Link will bring more of Tasmania's hydroelectricity to the mainland.
"It will deliver an economic boost to Tasmania and wider Australian industry during construction as well as having long lasting benefits by improving the transmission of cleaner reliable renewable energy.
"The former Morrison Government used to talk a lot about Marinus Link and how important it is. We're getting on with the job and actually delivering it.
"The Albanese Government is committed to delivering a clean energy future that benefits all Australians."
