The Victorian Government will set Australia’s largest energy storage goals, lowering power costs, generating new jobs, and encouraging investment in renewable energy across Victoria.
A $517 million package supporting renewable energy generating and storage projects throughout Victoria was today revealed by Premier Daniel Andrews and Minister for Energy Lily D’Ambrosio, along with Australia’s most ambitious goals.
“Victoria is already the renewable energy capital of Australia, and now, we’ll have the biggest energy storage targets in the country too,” Premier Andrews stated.
The Premier added that more than any other state, Victoria has reduced emissions, tripled the use of renewable energy, and added tens of thousands of jobs. According to the Premier, Victoria takes action on climate change, not simply speaks about it.
By 2030, The State Government said Victoria will have a whopping 2.6 GW of storage capacity for renewable energy, with an expanded goal of 6.3 GW by 2035. This amount of storage will be sufficient to power over half of Victoria’s present houses at their peak energy demand.
From 2023 to 2035, the aims are anticipated to secure 12,700 employment and $1.7 billion in investment. Storage is essential for storing solar and wind energy so that it can be used when available and then fed back into the grid when needed.
A 125MW large battery and grid-forming inverter will be installed in the Murray Renewable Energy Zone, located between Bendigo and Red Cliffs, as part of the Victorian Government’s $119 million investment from the $540 million Renewable Energy Zone Fund.
“Our new energy storage targets will deliver up to 12,700 jobs for Victorians — but most importantly, they’ll save Victorian families money on their energy bills, and slash our state’s emissions for generations to come,” Minister D’Ambrosio said.
The cutting-edge battery technology will assist in achieving Victoria’s storage goals and stabilising the grid to enable a seamless switch to sustainable energy.
The Government also announced today that $38.2 million from the Energy Innovation Fund (EIF) will go to four projects using new technology to create and store clean energy as the State work towards its goal of 50 per cent renewable energy by 2030.
According to the Victorian Government, the most recent EIF round will allocate $19.3 million for two bioenergy projects at farms in Gippsland and Barwon and $7 million for a 100MW battery and inverter in Terang. Yarra Valley Water will receive $11.9 million to build an electrolyser to create sustainable hydrogen using recycled water in Wollert.
The EIF directly supports the commercialisation of cutting-edge renewable energy technologies. These initiatives generate 150 jobs, over $160 million in new business investment, and local expertise.
Victoria’s new storage goals include short and long-duration energy storage devices, such as batteries, hydroelectricity, and hydrogen technology, which can store energy for more than eight hours.
The largest battery in the Southern Hemisphere, the 300 MW Victorian Big Battery, is located in Victoria, making it the battery capital of Australia, the State Government said.
In addition, neighbourhood batteries are sprouting up throughout the State, supported by $11 million from the government’s $1.3 billion Solar Homes initiative, which has already assisted approximately 10,000 Victorian houses in installing batteries.
The new storage targets and clean energy projects are assisting Victoria’s leadership in the nation’s efforts to tackle climate change and lower power costs, including the mandated targets of 50 per cent renewable energy by 2030, 50 per cent emissions reduction by the same year, and reaching net zero by 2050.
According to the Victorian Government, when Matthew Guy’s Liberals were in power, they abolished the Victorian Energy Efficiency Target and cut $42 million from the Energy Innovation Strategy Fund. The investment stands in stark contrast to those actions, the Government added.
