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Legislation to unlock investment in offshore energy projects

The Australian Government has introduced legislation to unlock new investment in offshore electricity generation and transmission projects.

The Offshore Electricity Infrastructure Bill 2021 will establish a framework for the construction, operation, maintenance and decommissioning of offshore electricity projects.

The Hon Angus Taylor MP, Minister for Energy and Emissions Reduction, said ‘A new offshore industry, enabled by this Bill, represents an important new opportunity for Australia.’

‘Importantly this Bill will accelerate a number of projects already under development like the Marinus Link transmission line, which will connect the mainland to Tasmania’s Battery of the Nation project.’

The Bill will also help progress other projects including ‘Star of the South’ off the coast of Victoria, and ‘Sun Cable’ in the Northern Territory.

Combined, Marinus Link, Star of the South and Sun Cable are estimated to be worth over $10 billion and are expected to create over 10,000 direct and indirect job opportunities during construction.

The legislation covers infrastructure projects for offshore electricity transmission cables and offshore renewable energy generation, including offshore wind and ensures co-existence with other users of the offshore area would be managed from the start.

To read more, see the Ministers’ media release.

[Photo: Sun Cable construction, Sun Corp]