GenusPlus Secures Major Contract for Tasmanian Renewable Energy Transmission Project

2 min read | December 24, 2024 11:14 AM AEDT | By Team Kalkine Media

GenusPlus Secures Major Contract for Tasmanian Renewable Energy Transmission Project — Image source: shutterstock

Key Details of NWTD Stage 1

NWTD Stage 1 involves upgrading and expanding Tasmania’s transmission network to support the Marinus Link and future renewable energy production. The project's total estimated cost is approximately $950 million, as outlined in the RIT-T update submitted to the Australian Energy Regulator (AER) in April 2024.

The scope of NWTD Stage 1 includes:

Designing, procuring, and constructing dual-circuit 220kV transmission lines between Palmerston, Sheffield, Heybridge, and Burnie, along with the removal of existing single-circuit lines.
Augmenting substations at Palmerston, Sheffield, and Burnie.
Building a new switching station at Heybridge to connect the Marinus Link to Tasmania’s 220kV transmission network.

The project will roll out in two phases:

Early Contractor Involvement (ECI) Phase:
- Valued at approximately $42 million, this phase involves engineering design, surveys, and long lead-time equipment procurement.
Construction Phase:
- Pending final approvals, including a Final Investment Decision, planning and environmental clearances, and AER’s revenue determination, construction is set to begin in Q2 2026, with completion expected by 2029.

Significance of Project Marinus

Project Marinus, comprising the Marinus Link and NWTD, is central to Australia’s transition to a low-carbon future. The initiative will boost the supply of affordable, reliable renewable energy from Tasmania to the National Electricity Market.

David Riches, Managing Director of GenusPlus, expressed enthusiasm for the project, stating, “We are pleased to expand our presence on the East Coast and collaborate with TasNetworks to deliver this crucial project for Tasmania.”

Market Reaction

Shares of GenusPlus Group rose by 4.49% to AU$2.56 during morning trading hours on 24 December 2024, reflecting investor confidence in the company's strategic growth and involvement in key infrastructure projects.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.