The government is giving the renewable energy sector the confidence needed to invest in new renewable energy projects, supply chain development and local jobs that will ensure a sustainable, growing economy for our State.

The Victorian Government has increased the Victorian Renewable Energy Target (VRET) to 50 per cent by 2030.

The Renewable Energy (Jobs and Investment) Amendment Bill 2019 (Vic)

On 30 October 2019, the Renewable Energy (Jobs and Investment) Amendment Bill 2019 (Vic) passed the Victorian Parliament, bringing the VRET 2030 target into legislation. Legislating the VRET 2030 target provides a clear signal to industry and the whole sector that Victoria is serious about its renewable energy transition.

The increased target of 50% by 2030 will now be embedded in the Renewable Energy (Jobs and Investment) Act 2017 (Vic), building on the existing, legislated renewable energy generation targets of 25% by 2020 and 40% by 2025.

The Victorian Renewable Energy Target 2018-19 Progress Report finds that Victoria is well on track to meet the first VRET target for 25% renewable energy generation by 2020.

Meeting the VRET targets will bring forward significant investment in new renewable energy projects in Victoria, supporting the reliability of Victoria’s electricity supply. This will generate billions of dollars of additional economic activity in Victoria, create thousands of jobs, put downward pressure on electricity prices and reduce emissions from electricity generation, contributing to Victoria’s long-term target of net zero emissions by 2050.

VRET is part of a package of policy reforms designed to deliver investment and employment in Victoria, ensuring a sustainable economy for current and future generations.

This package includes the

The achievement of the targets is supported by the VRET 2017 Reverse Auction, which awarded long-term contracts to 6 new renewable energy projects.

Fact Sheets and Report

VRET 2030 Economic Impacts Modelling Report (2019)
VRET 2030 Retail Bill Impacts Report (2019)
Renewable Energy (Jobs and Investment) Bill 2017 Fact Sheet
VRET 2018-19 Progress Report

Victorian Renewable Energy Target 2018-19 Progress Report
(PDF, 476.3 KB)

VRET 2017-18 Progress Report
Renewable Energy Modelling Fact Sheet
Modelling of the Victorian Renewable Energy Target Scheme Scenarios Report

Consultation

A consultation paper on the detailed design of Victoria's renewable energy auction scheme is available via the link below.

The consultation paper sought feedback on the design of the overall scheme structure, as well as on specific scheme components including payment structure, contracting elements, scheme administration and cost recovery mechanism, and auction evaluation principles.

Workshops were held on 23 and 24 August 2016 for key stakeholders and interested members of the public to provide verbal feedback on the consultation paper.

Written submissions

Following the workshops into the design of the scheme, feedback was also invited through written submissions to the Consultation Paper via renewable.energy@dewlp.vic.gov.au.

The Government received submissions from a range of renewable energy project developers, financiers, peak bodies, agencies and individuals. Written submissions closed on 31 August 2016.

A summary of the submissions has been prepared and can be found below.

Victorian Renewable Energy Auction Scheme summary report of stakeholder submissions (PDF, 594.9 KB)

Non-confidential submissions into the design of the Victorian Renewable Energy Auction Scheme Consultation Paper are below.

Consultation paper

VREAS submissions (Click to expand/collapse)

Page last updated: 31/10/19