Australia finalizes FID for Marinus Link cable to boost renewable power

Energy transition highlights: Our editors and analysts bring together the biggest stories in the industry this week, from renewables to storage to carbon prices.

Australia has reached the final investment decision for the Marinus Link Stage 1 undersea electricity cable project, marking a key milestone in its energy transition. The 750-MW connection is expected to enhance renewable energy supply, Climate Change and Energy Minister Chris Bowen said Aug. 1.

The announcement comes as Australia implements measures to boost renewable energy capacity, including increased funding and shorter tender processing times, aiming for 82% renewable electricity in the grid by 2030, double current levels.

"The underwater cable will bring more Tasmanian hydroelectricity to the mainland while providing the island state with improved access to the National Electricity Market," Bowen said.

The FID was reached between the federal and state governments of Victoria and Tasmania, Bowen said, and it clears the way for Stage 1 construction to commence in 2026 and finish by 2030.

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