Setback: Final investment decision on Marinus Link project delayed
A final investment decision on the multi-billion dollar Marinus Link project has been pushed back, prompting Labor to accuse the state government of “failing to deliver”.
Tasmania
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A final investment decision on the multi-billion dollar Marinus Link undersea power cable has been delayed until mid-2025, in a move the state Opposition has described as a setback for the massive project.
In a statement released on Monday, Marinus Link Pty Ltd said the final investment decision for stage one of the project had been pushed back to May next year “to align with key project milestones and the execution of the cable and converter contracts”.
The decision was originally due to be made later this year.
“The revised approach does not impact the project’s construction schedule, and the expected completion date of 2030 remains unchanged,” the statement said.
Marinus Link last week announced it had contracted the world’s largest cable manufacturer, Prysmian, to supply two high-voltage direct current cables for the project.
Energy Minister Nick Duigan said the state government had committed to releasing a business case for Marinus Link before the final investment decision was made.
“We have always said [we] will only support this project going ahead if the benefits for Tasmania stack up and the best way to ensure a sound decision is made in Tasmania’s interest, is to ensure Marinus Link Pty Ltd presents robust and comprehensive information to enable confidence in a final decision,” he said.
Labor energy spokeswoman Janie Finlay said the government had “failed to deliver once again” and the delayed final investment decision was “the latest setback to a project they have been talking about for 10 years and still have nothing to show for it”.
“[The Liberals] have not laid any cable or built any additional transmission and have still not made the [final] investment decision. They have effectively spent $130m of taxpayer money over a decade without delivering anything,” she said.
Marinus Link is jointly owned by the federal, Victorian, and Tasmanian governments, at shares of about 49 per cent, 33 per cent and 18 per cent, respectively.
The proposed interconnector will link North-West Tasmania to Victoria and is set to span 345km, with 255km being underwater across Bass Strait and 90km underground at Gippsland.
The cable would allow Tasmania to import surplus solar and wind energy from mainland Australia and reserve its existing hydro power and store additional energy.
The 1500mw interconnector project is expected to cost between $5bn and $5.5bn.
Clean Energy Tasmania chair Ian Jones welcomed the cable manufacturing contract signed by Marinus Link but expressed concern around a lack of on-island renewable energy generation to justify the interconnector’s existence.
“We have some of the best renewable energy resources in the world, but generation isn’t keeping up with demand,” he said. “We desperately need more generation to support our own local needs as well as to help realise the opportunities that Marinus Link represents.”
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