The government owned SEC will accelerate the delivery of affordable, reliable, renewable energy for all Victorians.
The Victorian Government is bringing back the State Electricity Commission (SEC) to speed up Victoria’s transition to renewable energy. The new SEC is investing in renewables to power Victoria’s renewable energy future. It will invest an initial $1 billion towards delivering 4.5 gigawatts of power through renewable energy projects – the equivalent replacement capacity of coal-fired power station Loy Yang A, which is set to close in 2035.
This will provide renewable, more reliable and affordable power to Victorian households, businesses and industries. It will also invest in the training and skills to build our renewable energy workforce of the future.
Australia’s energy sector is transforming. As ageing coal-fired power stations close, we need to transition to renewable energy. Victoria’s electricity system has relied heavily on coal, which increases our carbon emissions and has threatened the stability of our power supply.
The government owned SEC will invest in the industry to rapidly transform the sector. The transition to renewable energy will create thousands of jobs, bring billions in investment and help Victoria achieve its nation leading renewable energy targets.
The SEC will increase the amount of reliable, zero-emissions energy in the market by building and investing in renewable generation and storage. This low-cost, reliable energy will put downward pressure on wholesale power prices, delivering benefits for all Victorians.
Victorians will benefit from our investments in renewable energy and storage. The transition to renewables, investment in businesses, training of new workers, and building of new infrastructure will create thousands of jobs.
It is estimated that transitioning Victoria’s energy system to renewable energy will increase Gross State Product by about $9.5 billion and help create 59,000 jobs - including 6,000 trainees and apprenticeships in solar, wind and emerging energy industries.
Re-establishing the SEC presents an enormous opportunity for a wide range of market participants, investors, and potential project partners. The Pioneer Investment Mandate provides guidance on how we will go about our initial investments. Working closely with our Expert Advisory Panel, we are continuing to develop a strategy to guide our program of activities and investments over the longer term.
The original State Electricity Commission of Victoria started in 1918 when the Victorian Government appointed ‘electricity commissioners’ responsible for the generation and distribution of electricity throughout the state. Their main task was to tap the vast brown coal reserves of the Latrobe Valley for electricity generation, freeing Victoria from its reliance on imported fuel. The SEC will free Victoria from its reliance on emissions-intensive coal, accelerating delivery of affordable, reliable, renewable energy.
Reviewed 02 May 2023