Prime Minister, Scott Morrison, has announced the Underwriting New Energy Investments (UNGI) program, which will support further studies into the Hydro Tasmania pumped hydro project – Battery of the Nation.
The announcement follows the $56 million dollar commitment by the Commonwealth Government to TasNetworks’ assessment of further Bass Strait interconnection ‘Project Marinus’ to support timely delivery of Marinus Link.
It has been welcomed by the industry, with TasNetworks calling the announcement a “positive step”.
TasNetworks CEO, Lance Balcombe, said, “This funding commitment helps to support the business case for Marinus Link, and we look forward to working with Hydro Tasmania on their analysis.”
“The Marinus Link interconnector, as enabling infrastructure, is essential to unlocking the dispatchable on-demand generation and power system stability services that the Battery of the Nation project is investigating. It is very encouraging to see investment from the Commonwealth Government to ensure this important Hydro Tasmania initiative can proceed.
“TasNetworks’ Initial Feasibility Report into Marinus Link released on Monday shows that Tasmania has lower-cost flexible renewable generation and storage opportunities, when compared to higher cost thermal and renewables built in the mainland National Electricity Market.”
According to Mr Balcombe, Marinus Link, supported by Tasmanian renewable energy resources, will help Australia transition smoothly to a future where renewable energy forms a large part of the generation mix.