Premier Will Hodgman says the state will benefit from an economic injection of $6.5 billion through two key renewable energy projects.
The cash windfall was announced during Mr Hodgman's keynote address to delegates at the Tasmanian Liberal Party state conference on Sunday.
Mr Hodgman said the business case for a second interconnector was stronger after new analysis from TasNetworks showed the Marinus Link project would would be able to transport a higher amount of energy to the mainland as previously anticipated.
In addition, he said Hydro Tasmania had found it would be able to increase the state's pumped hydro storage capacity by 35 per cent. Mr Hodgman said the two projects would support 2400 new jobs. "This is massive in its scale and will be unprecedented in its impact on our state," he said.
Mr Hodgman acknowledged the North-West Coast as one of the most productive renewable energy zones in Australia.
Energy analyst Marc White said he was concerned that the market could address some of the problems facing jurisdictions like Victoria and South Australia and, therefore, a second interconnector could end up presenting significant residual risk.
"Every day that goes [by], battery prices drop, wind farms have better resilience, in terms of riding through minor variances ... in the system," he said. "We're seeing coal-fired power stations run lower than we've ever seen them run before into regions that we didn't think they were capable of [running into]. We're seeing generators add faster capability to gas-fired generation.
"So the concern is, with these massive sunk costs, if the market solves the problem of resilience with renewables ... by the time we're making these investments, there's a real residual risk."
Mr White is the principal consultant at Goanna Energy Consulting, which the Tasmanian Small Business Council has commissioned to compile a report on the potential consumer impact that Marinus Link could pose.
TSBC executive officer Robert Mallett, a Liberal Party member who was at the party's state council at the weekend, said Tasmanians needed to see "a clear, unequivocal benefit" from a second undersea cable.
"The government, both federal and state, have not adequately explained who's going to pay [for Marinus Link]," Mr Mallett said.
"The reason we want to do the project, and the modelling against a whole range of scenarios, is to check and see whether or not in 10 years, or 15 years or 20 years, somebody's going to be left holding an exceptionally expensive extension cord, which is of no use."