National Energy Plan confirms Marinus is a Priority

Marinus Link Media Release 15.12.23

A draft report released on 15 December by the Australian Energy Market Operator (AEMO) reaffirms Marinus Link as an urgent transmission project as part of the lowest-cost pathway to Australia’s net-zero emissions targets.

Marinus is again classified as a priority investment and ‘actionable’ in the latest Draft 2024 Integrated System Plan (ISP), which maps the optimal path for transmission developments in the National Electricity Market (NEM).

The report notes actionable projects must be delivered urgently to provide the best outcomes in energy security, reliability and affordability for homes and businesses.

Marinus Link CEO Caroline Wykamp said the report showed that Marinus and Tasmania’s energy potential remained a key part of the national energy plan.

“Under a range of future scenarios and sensitivities, Marinus will always be needed to keep the lights on and grow our economies in the coming decades,” she said.

“It’s not just electricity – Marinus also includes a data cable that will improve internet connectivity between Tasmania and Victoria.”

AEMO is responsible for operating Australia’s NEM in the best interests of Australian energy consumers.

The ISP considers government energy policies and net-zero commitments, costs of electricity infrastructure, future trends in electricity consumption, consumer and grid-scale generation and storage, transmission upgrade options, and power system reliability and security needs.

The ISP identified that consumers are expected to avoid $17 billion in additional costs if actionable and future transmission projects, including Marinus, are delivered.

“Despite rising investment costs for all planned transmission projects, Marinus still delivers significant net economic benefits to Australians and is critical to the future energy system,” Ms Wykamp said.

Also, publicly available from today (15 December) is updated third-party economic analysis by Ernst & Young (EY). This report details the remodelled job and economic figures for both stages of Marinus Link.

Marinus Link Chief Commercial Officer Prajit Parameswar said the updated EY analysis and AEMO’s ISP demonstrated the continued strength of the Marinus business case.

“With consideration of the project’s remodelled scope and costs, EY’s report reveals an increase in both jobs and economic growth,” he said.

“Stage 1 alone will support 1,400 direct and indirect jobs per year in Tasmania during peak construction, and 1,000 direct and indirect jobs per year in Victoria during the same time period. “Marinus Link is expected to contribute $1.4 billion of economic stimulus to Tasmania and $1 billion to Victoria – and these numbers only increase with Stage 2.”