The Constitution Amendment (SEC) Bill 2023 has passed the Victorian Parliament, enshrining the State Electricity Commission in the state’s constitution.
The Victorian Government said that enshrining the State Electricity Commission (SEC) in the constitution guarantees public ownership of renewable energy assets for the future, giving the SEC the certainty to continue accelerating the renewable energy transition and ensuring all Victorians will benefit.
All profits the SEC makes are reinvested back into renewable energy projects, which the State Government said is securing a steady pipeline of renewable energy jobs and training opportunities right across Victoria and helping create 59,000 jobs, including 6000 traineeships and apprenticeships.
The SEC is expected to help drive down power bills by increasing the amount of renewable energy in the country through its publicly owned projects and help Victoria achieve its target of 95 per cent renewable energy by 2035.
The Victorian Government said that the SEC has hit the ground running with construction underway on its first project – the Melbourne Renewable Energy Hub, a 600MW big battery that will store enough energy to power up to 200,000 homes during peak periods and enable more renewable energy generation to be connected to the grid.
The project is the first being delivered using the SEC’s initial $1 billion – the SEC will deliver 4.5GW of power through new renewable energy and storage projects – enough to power more than 1.5 million homes.
The SEC is also delivering bill savings through its home electrification digital planner, with more than 3000 users in its first month looking to switch to electric appliances.
The State Government said that Victoria’s investment in renewable energy is helping to consistently deliver the lowest wholesale energy prices in the country and this position only grows stronger as more battery storage, wind and solar farms come online.
Victorian Minister for the State Electricity Commission, Lily D’Ambrosio, said, that the SEC is here to stay to ensure Victorians can benefit from publicly owned renewable energy for decades to come.
“This will give the SEC the certainty it needs to power on with Victoria’s renewable energy transition, putting the power back in the hands of Victorians, creating thousands of jobs and slashing power bills.”
For more information on the SEC visit, secvictoria.com.au.
