Basslink Pty Ltd and related entities will enter into voluntary administration, following an announcement by Keppel Infrastructure Trust.
Under the Basslink contracts there is a framework which enables the Basslink interconnector to continue to operate through this process.
Hydro Tasmania has reported its energy in storage is at 52.6 per cent, which is a very secure position, well above the High Reliability Level.
Basslink itself has outlined that, “The interconnector continues to operate efficiently and reliably, connecting Tasmania to the national electricity market. We continue to serve the communities of Tasmania and Victoria, providing a reliable and sustainable source of energy.”
The Tasmanian Government has said it will not apologise for pursuing the outcomes of the 2020 arbitration to protect the interests of Tasmanians, as money owed to the State and Hydro Tasmania is ultimately owed to the people of Tasmania.
Following the Cattle Hill and Granville Harbour wind farms coming on line in late 2020, Tasmania became the first jurisdiction in Australia to be 100 per cent self-sufficient in renewable electricity.
The state has also legislated to double its renewable energy capacity to 200 per cent by 2040.
The Tasmanian Government said this is due to the Energy Security Risk Response Framework, which the state put in place in legislation by way of amendments to the Energy Coordination and Planning Act 1995, working effectively.
Under the Framework, the Tasmanian Economic Regulator performs the role of Monitor and Assessor for Energy Security and is responsible for monitoring storages with its most recent dashboard providing a clean bill of health.
The Tasmanian Government and Hydro Tasmania will now be engaging with Basslink’s financiers and administrators.
