Marinus Link to be run by Australian, Victorian and Tasmanian governments under new ownership model

TasNetworks is positive for the next chapter of Marinus Link because ‘projects of this size need their own entity’. What’s to come.

Marinus Link route from space – artist's impression (1)

Marinus Link is set to split from TasNetworks and become a stand-alone entity.

TasNetworks, which is wholly owned by the state government, established the subsidiary business Marinus Link Pty Ltd to progress the energy project.

The proposed project would see a 1500 megawatt capacity high voltage direct current electricity interconnector installed between Tasmania and Victoria across the Bass Strait.

A Marinus Link spokesperson confirmed it would split from TasNetworks and would make a full announcement “in due course”.

The spokesperson said under the new ownership model the Australian Government would own 49 per cent, the Victorian Government 33.3 per cent, and the Tasmanian Government 17.7 per cent.

TasNetworks CEO Sean Mc Goldrick said it approved of the new ownership model.

TasNetworks CEO Dr Sean McGoldrick. Picture: Supplied

“It was always planned and appropriate that Marinus Link would go its own way once ready,” Mr Mc Goldrick said.

“Projects of this size and importance need their own entity.

“TasNetworks will still play a key role in supporting Marinus to completion – not least by building the crucial North-West Transmission Developments.”

The Marinus Link spokesperson said the project would be “a game changer for Tasmania, Victoria and the nation”.

“The delivery of the first cable translates to more than $2 billion in economic stimulus and more than 2400 jobs.

“When you add the second cable, that looks more like $3.9 billion in economic stimulus and around 4200 jobs.

“Marinus Link will help Australia to meet its emissions reduction targets by saving up to 140 million tonnes of CO2 equivalent by 2050, equal to taking approximately 1 million cars off the road.”

Energy Minister Nick Duigan said the state government strongly supported Marinus.

“The interconnector will further drive renewable energy investment in Tasmania,” Mr Duigan said.

“It’s estimated the project will bring $1.8 billion in economic activity and around 1400 jobs to Tasmania.

“It will also help keep Tasmanian power prices the lowest in the nation, future proof energy security for the state, and significantly boost Tasmania’s data interconnectivity with the mainland.”

Originally published as Marinus Link to be run by Australian, Victorian and Tasmanian governments under new ownership model