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Victoria ups the ante with VRET

August 25, 2017 2:56 pm Category: Latest News, Regulation & Policy A+ / A-

Premier Daniel Andrews says the VRET is prompted by a “void” in Canberra

Victoria’s announcement of a legislated Renewable Energy Target to be met with $1.5 billion in wind and solar projects has set a new pace for the development of renewable energy, and put more pressure on the Federal Government.

In announcing the “VRET”, which will commit the state to a 40 percent renewables target by 2025 – to be backed by legislation – Premier Daniel Andrews pointed to the “void” in Canberra as a reaon why the state’s had to take the initiative with their own targets.

Victoria has announced a set of renewable energy tenders which are Australia’s biggest yet.

They include two solar farms at a cost of $200 million to be built by Melbourne’s Syncline Energy and Neoen of France.

Neoen, which is also working with Tesla in South Australia on that state’s 100MW battery storage, is developing a 38MW solar farm at Numurkah in Northern Victoria. The company said it may increase the capacity of that project, the output from which will power Melbourne’s trams, to as much as 120MW.

Beyond the solar projects, there is an additional 650 megawatts of energy which will cost as much as $1.3 billion.

Andrews hit back at claims by Federal Energy Minister Josh Frydenberg that the VRET would result in higher prices, and quoted modelling by accounting firm EY which showed that the target would reduce household energy bills by $30 a year, energy costs for medium sized ¬†businesses by $2500 a year and large company’s bills by $140,000 a year.

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