On this page:
Our renewable energy targets
Victoria's renewable energy targets are legislated in the Renewable Energy (Jobs and Investment) Act 2017 (Vic). They are:
- 25% by 2020 (achieved)
- 40% by 2025
- 50% by 2030.
Meeting our targets will:
- create investment in new renewable energy projects in Victoria
- support the reliability of Victoria’s electricity supply
- create thousands of jobs
- put downward pressure on electricity prices
- reduce emissions from electricity generation.
Our energy storage targets
Victoria’s energy storage targets will be legislated. They are:
- at least 2.6 GW of energy storage capacity by 2030
- at least 6.3 GW by 2035.
The energy storage targets will include both short and long-duration energy storage systems, allowing energy to be moved around during the day and also to be supplied through longer duration imbalances.
The firm capacity delivered by these targets will provide reliable, affordable and clean energy as Victoria’s ageing and increasingly unreliable coal generation is replaced with new renewable. The investment required to achieve Victoria’s energy storage targets is estimated to deliver around 12,700 two-year jobs and $1.7 billion (in net present value terms) to Victoria’s economy from 2023 to 2035.
We will work closely with stakeholders to ensure that energy storage is brought online in a timely and efficient manner. We will consult on the most appropriate way to bring forward storage investments, and a paper will be released later this year. If you are interested in being involved in the consultation please email firstname.lastname@example.org
Victorian renewable energy targets reverse auctions VRET1 and VRET2
The Victorian renewable energy targets reverse auctions (VRET1) and (VRET2) help us meet our renewable energy targets by providing long-term contracts that create investment certainty to build new energy generation projects.
Under VRET1, 5 projects were delivered, bringing forward 800 MW of new renewable capacity, enough to power more than 570,00 Victorian households. There were:
- Berrybank Wind Farm (180 MW) by Global Power Generation, west of Geelong
- Cohuna Solar Farm (34 MW) by Enel Green Power Australia, east of Kerang
- Dundonnell Wind Farm (336 MW) by Tilt Renewables, north-east of Warrnambool
- Mortlake South Wind Farm (158 MW) by Acciona, south of Mortlake
- Winton Solar Farm (99 MW) by Fotowatio Renewable Ventures, east of Benalla.
VRET2, targeting 600 MW of new renewable energy generation capacity, is now underway. We expect successful projects to be announced later in 2022.
The energy generated by these successful projects will match the electricity used by Victorian hospitals and schools, Melbourne’s entire train network and a range of other Victorian government infrastructure and services.
Ensuring benefits for host communities
It is important that renewable energy developments deliver benefits for host communities. Our guide for developers outlines requirements to undertake respectful and considered engagement with host communities; as part of any project and deliver long-term benefits.
Page last updated: 27/09/22