APA Group (ASX:APA) said the Australian Energy Regulator (AER) released a final decision accepting Basslink's application to convert Basslink into a regulated transmission network service provider, reversing its December 2024 draft decision, according to a Thursday Australian bourse filing.
Basslink is a 370-kilometer, 500-megawatt high-voltage direct current cable crossing the Bass Strait, linking the electricity grids of Victoria and Tasmania.
The firm applied to the AER in May 2023 to have Basslink converted from a contracted market network service provider into a regulated asset, subject to the AER's determination of an acceptable regulated asset base, per the filing. Basslink is expected to operate as a regulated asset from July 2026.
The firm plans to trade Basslink on the electricity spot market from July 1, after the Basslink Hydro Tasmania contract expires on June 30.
The decision to pursue regulatory conversion came as a result of an agreement with the government of Tasmania, the firm said.
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