The State Electricity Commission (SEC) is officially back, with Victorian Premier Jacinta Allan launching the SEC’s Strategic Plan 2023-2035.
The strategic plan outlines three key priorities for the next decade: investing in energy transition, supporting all-electric households, and fostering a renewable energy workforce.
“The SEC is back: we’ll invest in government-owned renewable energy, help households switch to all-electric and build the renewables workforce Victoria needs,” Premier Allan said.
The SEC plans to invest $1 billion in renewable energy and storage projects to generate 4.5 gigawatts of new power, sufficient to power around 1.5 million homes.
“Our initial $1 billion investment for the SEC will help boost private investment to fast-track and deliver projects that would not have been delivered at the same speed, or at all, without the SEC’s involvement,” Victorian Treasurer Tim Pallas stated.
This investment will increase storage and onshore generation while also boosting industry confidence to attract additional investment in the future.
The SEC has committed to supporting 2.6 gigawatts of renewable generation and storage assets by 2028.
The Commission is set to take over the State Government’s Victorian Renewable Energy Target projects, which include 1.2 and 4.5 gigawatts of renewable energy generation by 2025.
The Victorian Government aims to achieve 100% renewable energy by 2025 by utilising renewable energy in all public hospitals, schools, police stations, and government buildings.
The SEC will assist commercial and industrial customers in managing their power bills while transitioning to a net zero emissions economy.
“More than 100 years after it was first established, we’ve brought back the SEC to free Victoria from its reliance on fossil fuels and unlock the opportunities of our renewable energy transition,” SEC Interim CEO Chris Miller stated.
The SEC plans to create a ‘one-stop-shop’ for Victorians, offering pilot household solutions starting next year to simplify electrifying older homes and transitioning people from expensive fossil gas to renewable energy.
After complete electrification, residents of existing detached homes can save around $1400 by going electric, which can go up to more than $2700 a year with solar installed.
The SEC will also help with the skills and training for Victoria’s pipeline of future energy workers in its renewable energy transition Big Build program. It will create 59,000 jobs, which includes 6,000 traineeships and apprentices, to get Victoria to 95% renewable energy by 2035.
“By 2035, Victoria will need 25 gigawatts of renewable energy in the grid — and the SEC will be critical in securing the investment and workforce we need for the job,” Minister for the State Electricity Commission Lily D’Ambrosio said.
“Victoria has some of the most ambitious emissions reductions targets in the world, and the SEC and its tole accelerating the transition to renewables will be the key driver to achieving this,” Minister D’Ambrosio added.
The Commission will also establish the SEC Centre of Training Excellence and collaborate with schools, TAFEs, and industry to attract, train, and retain skilled renewable energy workers.
More than 100 Registrations of Interest were received by the SEC for its Pioneer Investment from energy market participants, comprised of 24 gigawatts of generation and 30 gigawatts of storage capacity.
The Strategic Plan of SEC, formed based on recommendations from the SEC Expert Advisory Panel, brought together Australia’s prominent energy sector and business leaders, who guided and positioned SEC to push Victoria’s energy transition.
