It is internationally agreed that action needed to reduce emissions and manage climate change is becoming more urgent. Victoria has risen to this challenge, doubling its renewable energy in the past 5 years. But there is much more to do.
To achieve Victoria’s renewable energy of 95 % by 2035, we need to be bolder and move faster.
That’s why the Victorian Government is bringing back the State Electricity Commission (SEC). The government-owned SEC will accelerate the energy transition, pushing more renewable energy into the system, driving down emissions and power bills, and generating thousands of jobs.
The SEC will do this by:
- Being an active energy market participant, working with industry to invest in and speed up the delivery of renewable energy.
- Pushing more renewable energy into the system, reducing wholesale prices.
- Working with industry to create thousands of jobs in renewable energy – in solar, wind, storage and emerging energy solutions.
- Investing in training, skills, and generating the renewable energy workforce of the future.
The SEC will invest an initial $1 billion towards delivering 4.5 gigawatts of power through renewable energy and storage projects – the equivalent replacement capacity of coal-fired power station Loy Yang A, which is set to close in 2035.
For Victorians, this means renewable, more reliable and more affordable energy.
For industry, this means certainty to invest in renewables and build a skilled workforce.
For our state, this means greater control of our power supply. Owned by Victoria to benefit Victorians.
Reviewed 25 August 2023