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
- Renewable Energy Action Plan
- Climate Change Act 2017
- TAKE2 pledge program
- New Energy Jobs Fund,
- The Solar Homes Program
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)
VRET 2018-19 Progress Report
VRET 2017-18 Progress Report
Modelling of the Victorian Renewable Energy Target Scenarios Report (2017)
A consultation paper on the detailed design of the VRET 2017 Reverse Auction 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.
Following the workshops into the design of the auction, feedback was also invited through written submissions to the Consultation Paper via firstname.lastname@example.org.
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.
Non-confidential submissions into the design of the VRET 2017 Reverse Auction Consultation Paper are below.
- ABB (PDF, 800.4 KB)
- AGL Energy (PDF, 214.1 KB)
- Ai Group (PDF, 783.9 KB)
- Aurecon (PDF, 722.6 KB)
- AusNet Services (PDF, 137.9 KB)
- Australian Energy Council (PDF, 2.4 MB)
- AEMO (PDF, 396.1 KB)
- Australian Forests and Climate Alliance (PDF, 685.5 KB)
- Australian Gas Networks (PDF, 366.0 KB)
- Australian Industry Greenhouse Network (PDF, 209.6 KB)
- Australian Institute of Petroleum (PDF, 416.0 KB)
- Australian Wind Alliance (PDF, 107.1 KB)
- Business Council of Australia (PDF, 163.4 KB)
- Canadian Solar (PDF, 278.6 KB)
- Cement Industry Federation (PDF, 131.3 KB)
- City of Melbourne (PDF, 45.4 KB)
- Clean Sight (PDF, 396.3 KB)
- Clean Energy Council (PDF, 372.1 KB)
- Committee for Portland (PDF, 94.7 KB)
- CSR (PDF, 233.4 KB)
- Edify Energy (PDF, 886.8 KB)
- Embark (PDF, 162.8 KB)
- Energy for the People (PDF, 182.7 KB)
- Energy Australia (PDF, 750.4 KB)
- Environment Victoria (PDF, 359.0 KB)
- First Solar (PDF, 209.1 KB)
- Friends of the Earth (PDF, 537.1 KB)
- Geelong Sustainability (PDF, 127.6 KB)
- GHD (PDF, 185.7 KB)
- Goldwind (PDF, 118.9 KB)
- Grattan Institute (PDF, 256.9 KB)
- Herbert Smith Freehills (PDF, 673.8 KB)
- Infigen Energy (PDF, 372.5 KB)
- Intelligent Energy Systems (PDF, 442.6 KB)
- Keppel Prince Engineering (PDF, 300.6 KB)
- Melbourne Energy Institute (PDF, 340.4 KB)
- Minerals Council of Australia (PDF, 298.3 KB)
- National Australia Bank (PDF, 252.6 KB)
- Origin (PDF, 252.8 KB)
- Palisade Investment Partners (PDF, 352.2 KB)
- Reach Solar Energy (PDF, 145.0 KB)
- Senvion Australia (PDF, 120.2 KB)
- Technical Insight (PDF, 177.3 KB)
- Thycon (PDF, 352.5 KB)
- Union Fenosa Wind Australia (PDF, 5.7 MB)
- Vestas Australian Wind Technology (PDF, 773.2 KB)
- Victorian Trades Hall Council (PDF, 354.5 KB)
- Voices of the Valley (PDF, 220.0 KB)
Page last updated: 09/04/20