Lockton, the world’s largest privately owned insurance brokerage, has advised TasNetworks on the North West Transmission Developments (NWTD) project – a once in a generation upgrade to Tasmania’s electricity transmission network.
The NWTD project represents a major investment in Tasmania's energy future. The upgrade will support new renewable energy developments and generate significant benefits and opportunities for Tasmanian communities and businesses.
The NWTD project includes the construction of 129 kilometres of double-circuit 220kV transmission lines connecting to the future Marinus Link Converter Station at Heybridge on Tasmania's north-west coast. It will also involve the construction of 278 new transmission towers, the removal of 399 existing towers, a new switching station, three major substation upgrades, and engagement with more than 270 private landholders.
In addition, the project includes establishing the Bright Futures Fund, a $10 million community initiative designed to support local projects and deliver lasting benefits to communities across the region.
Lockton has worked as the risk and insurance advisor to TasNetworks’ NWTD’s Project team for more than three years, helping develop and implement a risk finance strategy commensurate with the scale, complexity, and risk profile of the project.
Brett Spinks, Leader Commercial, NWTD at TasNetworks, said Lockton had become an integral part of the project team throughout the pre-construction, planning and procurement phase.
"Lockton has been with us on this journey for more than three years and has consistently delivered clear, timely and practical advice. No question was too small, and their team took the time to genuinely understand our project, our stakeholders and our risk profile.
They played a key role in developing our insurance strategy and securing an outstanding outcome for the project. Their work delivered insurance costs more than 20 per cent below budget, while ensuring the program remained appropriately protected."
Alistair Williams, National Manager – Energy Construction at Lockton, said the project reflects the growing importance of transmission infrastructure in supporting Australia's renewable energy transition.
"Transmission projects are critical to connecting new renewable generation with the communities and industries that depend on reliable, affordable energy. As investment in energy infrastructure accelerates across Australia, robust risk and insurance strategies are becoming increasingly important to project success.
"We are proud to have supported TasNetworks on a project that will help unlock Tasmania's renewable energy potential and strengthen connectivity with the mainland. It is particularly rewarding to continue supporting projects that contribute to the broader objectives of Project Marinus and Australia's energy transition."
The NWTD project forms a key part of the infrastructure required to support Project Marinus, enhancing Tasmania's capability to supply renewable electricity into the national grid, helping position the state as a leading contributor to Australia's clean energy future.
To learn more about the Marinus Link project, click here (opens a new window)to read our related press release.
The contents of this publication are provided for general information only. Lockton arranges the insurance and is not the insurer. While the content contributors have taken reasonable care in compiling the information presented, we do not warrant that the information is correct. The contents of this publication are not intended as a legal commentary or advice and should not be relied on in that way. It is not intended to be interpreted as advice on which you should rely and may not necessarily be suitable for you. You must obtain professional or specialist advice before taking, or refraining from, any action based on the content in this publication.