Victoria has reached record levels of renewable energy generation, putting the state well on track to meet its targets and deliver lower energy bills.
Victorian Minister for Energy and Resources, Lily D’Ambrosio, announced that more than 42 per cent of the state’s electricity was produced by cheap renewable energy over the last financial year – putting Victoria well on track to meet its legislated renewable energy target of 40 per cent by the end of the year.
The state has met every renewable energy target it has set to date and is well on the way to meeting the next ones of 65 per cent renewable energy generation by 2030 and 95 per cent by 2035.
Victoria now hosts more than 90 large-scale renewable energy projects that add almost 7GW of renewable energy capacity to the grid, which is helping to lower energy prices for Victorian households and businesses.
The State Government said that Victorians are also embracing rooftop solar on their offices, warehouses and homes, with panels contributing almost 11 per cent of the state’s energy in financial year 2024–25.
According to the State Government, this record investment in renewables means Victoria consistently has the lowest wholesale power prices in the country. Over the last financial year, Victoria’s average wholesale price was $107/MWh, compared to $115/MWh for Tasmania, $127/MWh for Queensland, $138/MWh for South Australia, and $151/MWh for New South Wales.
There are more than 50GW of proposed or committed renewable energy projects in Victoria. This shows strong investment interest in the state and a pipeline of projects ready replace the old coal fire generators.
To make sure these projects can be built quicker, the Victorian Governmet said its Development Facilitation Program is fast-tracking renewable energy projects. To date the program has unlocked almost $5 billion worth of investment across 18 projects that will create around 1900 new jobs in construction and operations.
Once completed, these projects will collectively generate enough power for around 574,000 households annually, with battery storage capable of meeting evening peak demand for almost a million households.
The State Government said that is complemented by the Victorian Transmission Plan released, which is making sure the right infrastructure is built in the right place at the right time to deliver a reliable and cheap renewable energy source into the future.
Ms D’Ambrosio sad that the State Government’s focus is on delivering cheaper power bills for Victorian families – helping to cut the cost of living and put more money back in their pockets.
“Our record investment in renewable energy is paying off – Victoria consistently has the lowest wholesale power prices in the country, helping to slash energy bills for families and businesses,” she said.
