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 is increasing the Victorian Renewable Energy Target (VRET) to 50 per cent by 2030.

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

The government has introduced the Renewable Energy (Jobs and Investment) Amendment Bill 2019(Vic) to Victorian Parliament to legislate the VRET 2030 target. The Bill will provide a clear signal to industry and the whole sector that Victoria is serious about its renewable energy transition.

The increased target builds on the existing, legislated renewable energy generation targets of 25 per cent by 2020 and 40 per cent by 2025, embedded in the Renewable Energy (Jobs and Investment) Act 2017 (Vic).

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

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.

Page last updated: 27/08/19