- Victoria has announced the relaunch of the SEC that will invest AUD 1 billion in renewable energy capacity over the next 10 years
- It will also support the build of 1.2 GW capacity under VRET for the state by 2025
- The agency will ensure switch to all-electric households and also grow renewable energy workforce
The State of Victoria in Australia aims to accelerate the deployment of 4.5 GW renewable energy storage projects with an investment worth AUD 1 billion ($635 million) initially through its State Electricity Commission (SEC). It includes commissioning 2.8 GW to renewable energy and storage assets by 2028.
The SEC was initially established in 1918 to help the state free itself from its reliance on imported fuel, and has now been relaunched in 2023 as a state-owned agency to invest in energy transition over the next 10 years.
Victoria Premier Jacinta Allan said, “The SEC is back: we’ll invest in government-owned renewable energy, help households switch to all-electric and build the renewables workforce Victoria needs.”
Its strategic priorities also span switch to all-electric households and build a renewable energy workforce under its Strategic Plan 2023-2025. According to this, the state government aims for the state to grow its share of renewable energy in the power mix to 40% by 2025, scaling it up to 65% by 2030 and to 95% by 2035. In 2023, it stands at 38% with 5.258 GW of large-scale solar and wind power, and 4.03 GW of small-scale rooftop PV capacity installed till July 2023.
It will also spearhead the state government’s Victorian Renewable Energy Target (VRET) projects by 2025, comprising 1.2 GW capacity—in addition to 4.5 GW. This clean energy will help power every public hospital, school, police station and government building.
Victoria aims for all its government operations and facilities to be powered by 100% renewable electricity by 2025 (see Australia’s Victoria Auctions 623 MW Solar Power Capacity).
“Bringing back the SEC will give Victoria more control of our power supply – powering Victoria for Victorians,” stated the administration.
To relaunch the agency, the state government had invited companies interested in investing in the 1st renewable energy investment to be undertaken by the SEC in April this year. It received a total combined capacity of 24 GW of generation and 30 GW of storage under the registration of interest (ROI) round.
“By 2035, Victoria will need 25 GW of renewable energy in the grid – and the SEC will be critical in securing the investment and workforce we need for the job,” stated Victoria’s Minister for the State Electricity Commission Lily D’Ambrosio.