00:00 Only a month after cost blowouts cast doubt on Maranus Link's future, a new deal has
00:07 been struck.
00:08 "Tasmania indicated they couldn't bear those increased costs.
00:11 The Albanese government's going to step up and take the load."
00:14 It's been downgraded to one cable rather than two, running under the sea between northwest
00:19 Tasmania and Victoria, alongside the existing Bass Link cable.
00:24 And Tasmania's equity share has been reduced.
00:27 In the original agreement, 80 percent of the finance was to come from a Clean Energy Finance
00:33 Corporation loan.
00:34 The remaining 20 percent would come from a joint equity venture shared equally between
00:39 the Commonwealth, Tasmania and Victoria.
00:43 Under the new deal, the Commonwealth's share increases to 49 percent, Tasmania's drops
00:48 to 17, and Victoria's stays the same.
00:51 "That's a little north of $100 million and as a result of that it delivers a $3 billion
00:58 project and $1.8 billion in economic activity for Tasmania."
01:04 The state government says the project will bring more electricity, jobs and energy security
01:08 to Tasmania, but not all are convinced of the value of the new deal for everyday Tasmanians.
01:15 "The main problem we see is that consumers of energy pay the bill whilst the beneficiaries
01:21 are wind farms, solar farms and hydro Tasmania."
01:25 And Labor has warned the state government needs to step in to protect consumers from
01:30 picking up the tab.
01:31 "The best way to protect Tasmanian households and businesses is to cap power prices so that
01:36 Tasmania's pay a Tasmanian price for Tasmanian power."
01:39 The two MPs who left the Liberal Party throwing it into minority government, partly over concerns
01:45 over the Maranus business case, say they weren't consulted on the new deal.
01:49 "We have not seen one piece of basic cost benefit analysis which will just identify
01:56 exactly how we're going to be better off."
01:59 Maranus Link is expected to be operational by 2028.
02:03 For more information visit www.fema.gov.au/maranuslink
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