The commonwealth government has announced funding for two Tasmanian energy projects in the North of the state.
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Prime Minister Scott Morrison on Sunday, announced the federal government would commit $75 million to progress the Marinus Link to a final investment decision, as well as $65 million for the Tarraleah hydro scheme development as part of the battery of the nation project.
Mr Morrison said ensuring Australians had access to affordable reliable energy was part of the government's plan to address the rising cost of living.
"This will have enormous benefits for Tasmanians and Victorians, strengthening the economy, creating thousands of jobs, driving down power bills and easing cost of living pressures." he said.
"More energy in the market means lower prices for everyone.
"Marinus Link and Battery of the Nation are true nation-building projects."
The Marinus Link will include 250 kilometres of undersea high voltage direct current cables and 90 kilometres of underground cables in Victoria, and two converter stations in Tasmania and Victoria.
The Tarraleah hydropower scheme, a hydroelectric power station located in the Upper Derwent River which includes Lake King William and the Nile River, is the first of the battery of the nation projects.
Premier Peter Gutwein said the historic agreement would deliver thousands of jobs for Tasmanians while supporting the state's renewable energy target.
"This is a significant agreement for a clean energy highway, helping to reduce emissions, deliver reliable and affordable energy for consumers, and strengthen Tasmania's economy through new jobs and investment," he said.
"Tasmania is already a world leader in renewable energy. We can already generate 100 per cent of our energy from renewables with a target to double that by 2040."
The Commonwealth and Tasmanian governments will provide joint oversight of both projects through a joint ministerial governance committee and a joint committee of senior officials.
Commonwealth nominees will also join the Marinus Link board to reflect its 50 per cent investment and partnership in the project.
A final investment decision on the Marinus Link project is expected by 2024.
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