AEES Group - News

14/8 - Victoria introduces bill to lock 50% renewables target into law

Richard Martin - Wednesday, August 14, 2019

Victoria’s Labor government has made good on its election promise to boost the state’s renewable energy target to 50 per cent by 2030, with the introduction of a bill into parliament on Tuesday that will lock the target into law.

The Renewable Energy (Jobs and Investment) Amendment Bill 2019 builds on the Andrews government’s original VRET legislation, which saw Victoria become the first Australian state to write its renewables target into law.

The original legislation, which passed through the state parliament without a single show of support from the LNP opposition, committed the state to source 25 per cent of its electricity generation from renewable sources by 2020, and 40 per cent by 2025.

“These targets help industry to invest with certainty, creating local jobs – particularly in regional Victoria,” said state energy minister Lily D’Ambrosio in a statement on Tuesday.

“Victoria is the renewable energy capital of Australia and strengthening the VRET in law will keep it that way – boosting jobs, reducing emissions and driving down energy prices.”

As we have reported, the addition of the 2030 target – while no doubt a welcome sign to the renewable energy industry – is now mostly academic, with Victoria on track to pass 50 per cent renewables sometime in 2029, according to the business-as-usual “neutral” scenario mapped out in the Australian Energy Market Operator’s Integrated System Plan.

In the time since the ISP and the above chart were produced by AEMO, Victoria has also rolled out its massive – if controversial – solar PV incentive, which aims to add another 2.6GW of rooftop solar on another 650,000 homes over the next 10 years.

There are, however, issues with the state’s network, but AEMO has unveiled its own proposals to make additions that will allow the necessary wind and solar capacity to join the grid.

By Sophie Vorrath on 13 August 2019

See the full article: https://reneweconomy.com.au/victoria-introduces-bill-to-lock-50-renewables-target-into-law-26267/