CEFC investments hit record $4.7b as grid bill climbs
Ian Learmonth, chief executive of the Clean Energy Finance Corporation, said that in non-power grid areas, he was optimistic of a further increase in investments, but that the $3.9 billion Marinus Link project was 'the biggest swing factor' for the total for 2025-26.
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The Advertiser
11 hours ago
- The Advertiser
Premier stakes leadership on national power cable deal
One of the nation's biggest energy projects has been given the green light, with a Liberal premier fighting to form government staking his leadership on the deal. The multi-billion-dollar Marinus Link cable will boost electricity transmission between Tasmania and Victoria and is seen as pivotal in increasing green energy investment. Tasmanian Premier Jeremy Rockliff signed up to the joint Victoria and Commonwealth investment contract on Friday, while in caretaker mode and a day before the deadline. Mr Rockliff has been lashed by Labor, the Greens, as well as several independent crossbenchers whose support he needs to form government, over a "sham" process. He says Marinus Link will deliver 2000 jobs and $400 million per year in extra revenue to Tasmania and that power prices will be lower than without the cable. Craig Garland, one of four independents on the cross bench, has said he won't be able to support a Liberal government over their "secret" rushed decision. It leaves the Liberals, who have 14 seats ahead of Labor's 10, with one less cross bench option to sure-up the required 18 parliamentary votes needed to govern. Non-Liberal MPs were given a confidential briefing on the project on Tuesday, while the whole-of-state business case wasn't released before the deal was signed. "If I fall because of this project ... I will know in my heart of hearts I have done the right thing by Tasmania and Tasmanians," Mr Rockliff told reporters. "This is not about me, this is not about Craig (Garland). This is about the young people in Tasmania and their kids and their grandkids. "Staking my leadership is what I do." Independents Kristie Johnston and Peter George were also critical of the process, with the latter saying Mr Rockliff was undermining the prospect of a full-term, well-run minority government. Mr Rockliff said the "deal of the century" had capped Tasmania's equity share at $103.5 million - 4.27 per cent of the project's cost. However, the business case forecasts an increase in state net debt to $19 billion in 2031/32 as a result of the project, which includes a power station redevelopment and land-based transmission line. Tasmania's major industrial customers also face "very large" increases in transmission prices, compared to a no-Marinus-Link scenario. Construction of stage one, a 750-megawatt undersea cable, is expected to start in 2026 and finish in 2030. Federal Energy Minister Chris Bowen said the project was a cornerstone of his government's commitment to reducing emissions and creating jobs in regional communities. Supporters of Marinus Link are confident the cable will lead to greater green energy investment in Tasmania, which can be exported into the national grid. Labor leader Dean Winter supports Marinus Link, but earlier this week said he was unable to back the deal on such short notice. He has given Mr Rockliff "first crack" at forming government but has also reached out to the cross bench, who he is prepared to work with to avoid going back to the polls. Tasmania's snap election on July 19, the second in two years, was called after Mr Rockliff lost a no-confidence motion critical of his budget management and infrastructure delivery. One of the nation's biggest energy projects has been given the green light, with a Liberal premier fighting to form government staking his leadership on the deal. The multi-billion-dollar Marinus Link cable will boost electricity transmission between Tasmania and Victoria and is seen as pivotal in increasing green energy investment. Tasmanian Premier Jeremy Rockliff signed up to the joint Victoria and Commonwealth investment contract on Friday, while in caretaker mode and a day before the deadline. Mr Rockliff has been lashed by Labor, the Greens, as well as several independent crossbenchers whose support he needs to form government, over a "sham" process. He says Marinus Link will deliver 2000 jobs and $400 million per year in extra revenue to Tasmania and that power prices will be lower than without the cable. Craig Garland, one of four independents on the cross bench, has said he won't be able to support a Liberal government over their "secret" rushed decision. It leaves the Liberals, who have 14 seats ahead of Labor's 10, with one less cross bench option to sure-up the required 18 parliamentary votes needed to govern. Non-Liberal MPs were given a confidential briefing on the project on Tuesday, while the whole-of-state business case wasn't released before the deal was signed. "If I fall because of this project ... I will know in my heart of hearts I have done the right thing by Tasmania and Tasmanians," Mr Rockliff told reporters. "This is not about me, this is not about Craig (Garland). This is about the young people in Tasmania and their kids and their grandkids. "Staking my leadership is what I do." Independents Kristie Johnston and Peter George were also critical of the process, with the latter saying Mr Rockliff was undermining the prospect of a full-term, well-run minority government. Mr Rockliff said the "deal of the century" had capped Tasmania's equity share at $103.5 million - 4.27 per cent of the project's cost. However, the business case forecasts an increase in state net debt to $19 billion in 2031/32 as a result of the project, which includes a power station redevelopment and land-based transmission line. Tasmania's major industrial customers also face "very large" increases in transmission prices, compared to a no-Marinus-Link scenario. Construction of stage one, a 750-megawatt undersea cable, is expected to start in 2026 and finish in 2030. Federal Energy Minister Chris Bowen said the project was a cornerstone of his government's commitment to reducing emissions and creating jobs in regional communities. Supporters of Marinus Link are confident the cable will lead to greater green energy investment in Tasmania, which can be exported into the national grid. Labor leader Dean Winter supports Marinus Link, but earlier this week said he was unable to back the deal on such short notice. He has given Mr Rockliff "first crack" at forming government but has also reached out to the cross bench, who he is prepared to work with to avoid going back to the polls. Tasmania's snap election on July 19, the second in two years, was called after Mr Rockliff lost a no-confidence motion critical of his budget management and infrastructure delivery. One of the nation's biggest energy projects has been given the green light, with a Liberal premier fighting to form government staking his leadership on the deal. The multi-billion-dollar Marinus Link cable will boost electricity transmission between Tasmania and Victoria and is seen as pivotal in increasing green energy investment. Tasmanian Premier Jeremy Rockliff signed up to the joint Victoria and Commonwealth investment contract on Friday, while in caretaker mode and a day before the deadline. Mr Rockliff has been lashed by Labor, the Greens, as well as several independent crossbenchers whose support he needs to form government, over a "sham" process. He says Marinus Link will deliver 2000 jobs and $400 million per year in extra revenue to Tasmania and that power prices will be lower than without the cable. Craig Garland, one of four independents on the cross bench, has said he won't be able to support a Liberal government over their "secret" rushed decision. It leaves the Liberals, who have 14 seats ahead of Labor's 10, with one less cross bench option to sure-up the required 18 parliamentary votes needed to govern. Non-Liberal MPs were given a confidential briefing on the project on Tuesday, while the whole-of-state business case wasn't released before the deal was signed. "If I fall because of this project ... I will know in my heart of hearts I have done the right thing by Tasmania and Tasmanians," Mr Rockliff told reporters. "This is not about me, this is not about Craig (Garland). This is about the young people in Tasmania and their kids and their grandkids. "Staking my leadership is what I do." Independents Kristie Johnston and Peter George were also critical of the process, with the latter saying Mr Rockliff was undermining the prospect of a full-term, well-run minority government. Mr Rockliff said the "deal of the century" had capped Tasmania's equity share at $103.5 million - 4.27 per cent of the project's cost. However, the business case forecasts an increase in state net debt to $19 billion in 2031/32 as a result of the project, which includes a power station redevelopment and land-based transmission line. Tasmania's major industrial customers also face "very large" increases in transmission prices, compared to a no-Marinus-Link scenario. Construction of stage one, a 750-megawatt undersea cable, is expected to start in 2026 and finish in 2030. Federal Energy Minister Chris Bowen said the project was a cornerstone of his government's commitment to reducing emissions and creating jobs in regional communities. Supporters of Marinus Link are confident the cable will lead to greater green energy investment in Tasmania, which can be exported into the national grid. Labor leader Dean Winter supports Marinus Link, but earlier this week said he was unable to back the deal on such short notice. He has given Mr Rockliff "first crack" at forming government but has also reached out to the cross bench, who he is prepared to work with to avoid going back to the polls. Tasmania's snap election on July 19, the second in two years, was called after Mr Rockliff lost a no-confidence motion critical of his budget management and infrastructure delivery. One of the nation's biggest energy projects has been given the green light, with a Liberal premier fighting to form government staking his leadership on the deal. The multi-billion-dollar Marinus Link cable will boost electricity transmission between Tasmania and Victoria and is seen as pivotal in increasing green energy investment. Tasmanian Premier Jeremy Rockliff signed up to the joint Victoria and Commonwealth investment contract on Friday, while in caretaker mode and a day before the deadline. Mr Rockliff has been lashed by Labor, the Greens, as well as several independent crossbenchers whose support he needs to form government, over a "sham" process. He says Marinus Link will deliver 2000 jobs and $400 million per year in extra revenue to Tasmania and that power prices will be lower than without the cable. Craig Garland, one of four independents on the cross bench, has said he won't be able to support a Liberal government over their "secret" rushed decision. It leaves the Liberals, who have 14 seats ahead of Labor's 10, with one less cross bench option to sure-up the required 18 parliamentary votes needed to govern. Non-Liberal MPs were given a confidential briefing on the project on Tuesday, while the whole-of-state business case wasn't released before the deal was signed. "If I fall because of this project ... I will know in my heart of hearts I have done the right thing by Tasmania and Tasmanians," Mr Rockliff told reporters. "This is not about me, this is not about Craig (Garland). This is about the young people in Tasmania and their kids and their grandkids. "Staking my leadership is what I do." Independents Kristie Johnston and Peter George were also critical of the process, with the latter saying Mr Rockliff was undermining the prospect of a full-term, well-run minority government. Mr Rockliff said the "deal of the century" had capped Tasmania's equity share at $103.5 million - 4.27 per cent of the project's cost. However, the business case forecasts an increase in state net debt to $19 billion in 2031/32 as a result of the project, which includes a power station redevelopment and land-based transmission line. Tasmania's major industrial customers also face "very large" increases in transmission prices, compared to a no-Marinus-Link scenario. Construction of stage one, a 750-megawatt undersea cable, is expected to start in 2026 and finish in 2030. Federal Energy Minister Chris Bowen said the project was a cornerstone of his government's commitment to reducing emissions and creating jobs in regional communities. Supporters of Marinus Link are confident the cable will lead to greater green energy investment in Tasmania, which can be exported into the national grid. Labor leader Dean Winter supports Marinus Link, but earlier this week said he was unable to back the deal on such short notice. He has given Mr Rockliff "first crack" at forming government but has also reached out to the cross bench, who he is prepared to work with to avoid going back to the polls. Tasmania's snap election on July 19, the second in two years, was called after Mr Rockliff lost a no-confidence motion critical of his budget management and infrastructure delivery.
ABC News
19 hours ago
- ABC News
Tasmania signs on to Marinus Link power cable project despite government caretaker period
Tasmanian Energy Minister Nick Duigan has confirmed the state has signed up to the multi-billion-dollar Marinus Link project. Speaking to ABC Radio Hobart on Friday morning, Mr Duigan said he signed a new deal with the federal government on Thursday night. "I'm very pleased to say that as of last night I was able to sign that new deal having received advice and that has resulted in a significantly better deal for Tasmania," he said. The Marinus project will see a second underwater electricity cable and transmission line built in the Bass Strait between Victoria and Tasmania. It is designed to give the mainland greater reciprocal access to Tasmania's renewable energy resources. The state government has yet to release the business case for the project, despite earlier in the year promising to release it 30 days before a final investment decision. The decision to sign onto the project comes during the caretaker period almost two weeks after a state election in which no party has yet formed a new government.
The Advertiser
a day ago
- The Advertiser
Urgent advice on eve of major energy project deadline
Tasmania's caretaker government is seeking urgent advice about whether it can green light one of the nation's biggest energy projects, which has been caught up in a political stoush. The proposed Marinus Link cable would increase power transmission between Victoria and Tasmania, with the aim of boosting renewable energy investment in the island state. Backed by the Victorian and federal governments, the $5 billion project is waiting for Tasmania, which holds the smallest share, to sign an investment deal by a Saturday deadline. The state's Liberal government is in caretaker mode after a July 19 election, which resulted in a hung parliament and hasn't yet delivered final results. Liberal Premier Jeremy Rockliff wants to sign the contract but claims he needs Labor leader Dean Winter's support to do so, because of caretaker provisions. Labor supports Marinus Link, but Mr Winter said he was unable to back the deal by Mr Rockliff's "bullying" 9am Thursday deadline. Mr Winter, as well as the Greens and independents both major parties are trying to woo to form government, have lashed the Liberals for last-minute briefings on the project. Mr Rockliff told reporters on Thursday he had sought formal advice on whether he could sign the final investment deal without Mr Winter's support. Constitutional experts, as well as Mr Winter, believe Mr Rockliff can sign the deal without Labor. "We are on the verge of an announcement for Marinus Link," Mr Rockliff said. "We are in a position to support Tasmania through Marinus Link and its enormous social and economic benefits." Energy Minister Nick Duigan said if the contract wasn't signed by Saturday, Marinus Link could lose its place in highly competitive production lines and be delayed by five years. Mr Rockliff has been criticised for not releasing the whole-of-state business case for the project after earlier promising to do so 30 days before the signing of the contract. He claims it will be public "as soon as possible" and hasn't yet been released because of confidential negotiations. The project will create 2000 jobs, keep power prices lower and increase dividends of government-owned energy provider Hydro Tasmania by $400 million per year, Mr Rockliff said. The state's equity contribution would be no more than $103.5 million, he added. Mr Winter, who was part of briefings provided to Labor, the Greens and independents on Tuesday, accused Mr Rockliff of playing political games and keeping the business case secret. He said there had been no real consultation and no chance to consider more than 1000 pages of documents. Mr Rockliff accepted there was a lot of information because "this has been over eight years in the making". The first stage of the project, one of two 750-megawatt transmission lines, is expected to be completed in 2030. Tasmania's caretaker government is seeking urgent advice about whether it can green light one of the nation's biggest energy projects, which has been caught up in a political stoush. The proposed Marinus Link cable would increase power transmission between Victoria and Tasmania, with the aim of boosting renewable energy investment in the island state. Backed by the Victorian and federal governments, the $5 billion project is waiting for Tasmania, which holds the smallest share, to sign an investment deal by a Saturday deadline. The state's Liberal government is in caretaker mode after a July 19 election, which resulted in a hung parliament and hasn't yet delivered final results. Liberal Premier Jeremy Rockliff wants to sign the contract but claims he needs Labor leader Dean Winter's support to do so, because of caretaker provisions. Labor supports Marinus Link, but Mr Winter said he was unable to back the deal by Mr Rockliff's "bullying" 9am Thursday deadline. Mr Winter, as well as the Greens and independents both major parties are trying to woo to form government, have lashed the Liberals for last-minute briefings on the project. Mr Rockliff told reporters on Thursday he had sought formal advice on whether he could sign the final investment deal without Mr Winter's support. Constitutional experts, as well as Mr Winter, believe Mr Rockliff can sign the deal without Labor. "We are on the verge of an announcement for Marinus Link," Mr Rockliff said. "We are in a position to support Tasmania through Marinus Link and its enormous social and economic benefits." Energy Minister Nick Duigan said if the contract wasn't signed by Saturday, Marinus Link could lose its place in highly competitive production lines and be delayed by five years. Mr Rockliff has been criticised for not releasing the whole-of-state business case for the project after earlier promising to do so 30 days before the signing of the contract. He claims it will be public "as soon as possible" and hasn't yet been released because of confidential negotiations. The project will create 2000 jobs, keep power prices lower and increase dividends of government-owned energy provider Hydro Tasmania by $400 million per year, Mr Rockliff said. The state's equity contribution would be no more than $103.5 million, he added. Mr Winter, who was part of briefings provided to Labor, the Greens and independents on Tuesday, accused Mr Rockliff of playing political games and keeping the business case secret. He said there had been no real consultation and no chance to consider more than 1000 pages of documents. Mr Rockliff accepted there was a lot of information because "this has been over eight years in the making". The first stage of the project, one of two 750-megawatt transmission lines, is expected to be completed in 2030. Tasmania's caretaker government is seeking urgent advice about whether it can green light one of the nation's biggest energy projects, which has been caught up in a political stoush. The proposed Marinus Link cable would increase power transmission between Victoria and Tasmania, with the aim of boosting renewable energy investment in the island state. Backed by the Victorian and federal governments, the $5 billion project is waiting for Tasmania, which holds the smallest share, to sign an investment deal by a Saturday deadline. The state's Liberal government is in caretaker mode after a July 19 election, which resulted in a hung parliament and hasn't yet delivered final results. Liberal Premier Jeremy Rockliff wants to sign the contract but claims he needs Labor leader Dean Winter's support to do so, because of caretaker provisions. Labor supports Marinus Link, but Mr Winter said he was unable to back the deal by Mr Rockliff's "bullying" 9am Thursday deadline. Mr Winter, as well as the Greens and independents both major parties are trying to woo to form government, have lashed the Liberals for last-minute briefings on the project. Mr Rockliff told reporters on Thursday he had sought formal advice on whether he could sign the final investment deal without Mr Winter's support. Constitutional experts, as well as Mr Winter, believe Mr Rockliff can sign the deal without Labor. "We are on the verge of an announcement for Marinus Link," Mr Rockliff said. "We are in a position to support Tasmania through Marinus Link and its enormous social and economic benefits." Energy Minister Nick Duigan said if the contract wasn't signed by Saturday, Marinus Link could lose its place in highly competitive production lines and be delayed by five years. Mr Rockliff has been criticised for not releasing the whole-of-state business case for the project after earlier promising to do so 30 days before the signing of the contract. He claims it will be public "as soon as possible" and hasn't yet been released because of confidential negotiations. The project will create 2000 jobs, keep power prices lower and increase dividends of government-owned energy provider Hydro Tasmania by $400 million per year, Mr Rockliff said. The state's equity contribution would be no more than $103.5 million, he added. Mr Winter, who was part of briefings provided to Labor, the Greens and independents on Tuesday, accused Mr Rockliff of playing political games and keeping the business case secret. He said there had been no real consultation and no chance to consider more than 1000 pages of documents. Mr Rockliff accepted there was a lot of information because "this has been over eight years in the making". The first stage of the project, one of two 750-megawatt transmission lines, is expected to be completed in 2030. Tasmania's caretaker government is seeking urgent advice about whether it can green light one of the nation's biggest energy projects, which has been caught up in a political stoush. The proposed Marinus Link cable would increase power transmission between Victoria and Tasmania, with the aim of boosting renewable energy investment in the island state. Backed by the Victorian and federal governments, the $5 billion project is waiting for Tasmania, which holds the smallest share, to sign an investment deal by a Saturday deadline. The state's Liberal government is in caretaker mode after a July 19 election, which resulted in a hung parliament and hasn't yet delivered final results. Liberal Premier Jeremy Rockliff wants to sign the contract but claims he needs Labor leader Dean Winter's support to do so, because of caretaker provisions. Labor supports Marinus Link, but Mr Winter said he was unable to back the deal by Mr Rockliff's "bullying" 9am Thursday deadline. Mr Winter, as well as the Greens and independents both major parties are trying to woo to form government, have lashed the Liberals for last-minute briefings on the project. Mr Rockliff told reporters on Thursday he had sought formal advice on whether he could sign the final investment deal without Mr Winter's support. Constitutional experts, as well as Mr Winter, believe Mr Rockliff can sign the deal without Labor. "We are on the verge of an announcement for Marinus Link," Mr Rockliff said. "We are in a position to support Tasmania through Marinus Link and its enormous social and economic benefits." Energy Minister Nick Duigan said if the contract wasn't signed by Saturday, Marinus Link could lose its place in highly competitive production lines and be delayed by five years. Mr Rockliff has been criticised for not releasing the whole-of-state business case for the project after earlier promising to do so 30 days before the signing of the contract. He claims it will be public "as soon as possible" and hasn't yet been released because of confidential negotiations. The project will create 2000 jobs, keep power prices lower and increase dividends of government-owned energy provider Hydro Tasmania by $400 million per year, Mr Rockliff said. The state's equity contribution would be no more than $103.5 million, he added. Mr Winter, who was part of briefings provided to Labor, the Greens and independents on Tuesday, accused Mr Rockliff of playing political games and keeping the business case secret. He said there had been no real consultation and no chance to consider more than 1000 pages of documents. Mr Rockliff accepted there was a lot of information because "this has been over eight years in the making". The first stage of the project, one of two 750-megawatt transmission lines, is expected to be completed in 2030.
