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\u00a0\u00a0<\/p>\n(Bloomberg) — Australia has cleared the construction of a multibillion-dollar undersea power cable between the mainland and renewables-rich island state Tasmania.<\/p>\n
The federal, Victorian and Tasmanian governments, which jointly own the venture, reached a final investment decision on the A$3.9 billion ($2.5 billion) Marinus Link, Energy Minister Chris Bowen said Friday. Construction is due to start next year and scheduled to end by 2030.<\/p>\n
Tasmania already gets about four-fifths of its power from hydro, and is set to produce way more renewable electricity than it needs in the coming decades as wind farms start up. The 345-kilometer (214-mile) undersea and underground high-voltage cable would reduce coal generation to supply Australia\u2019s urban centers of Sydney and Melbourne and help the government reach an ambitious target to more than double renewable generation to 82% by 2030.\u00a0<\/p>\n
\u00a0\u00a0<\/p>\n
\u201cMarinus Link will bring more of Tasmania\u2019s hydroelectricity to the mainland,\u201d Bowen said in a statement. \u201cThis project is a cornerstone of the Albanese Government\u2019s 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.\u201d<\/p>\n
The Marinus Link company said the project will reduce wholesale electricity prices across the National Electricity Market.<\/p>\n
The plan had previously faced delays and cost overruns, prompting the Tasmanian government to request revised terms. The planned capacity of the first stage was subsequently halved to control costs.<\/p>\n
\u00a92025 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"(Bloomberg) — Australia has cleared the construction of a multibillion-dollar undersea power cable between the mainland and 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