Breaking news: Victoria is the first state to put in place a renewable energy storage target, committing to 2.6 gigawatts (GW) by 2030, and 6.3 GW by 2035 – enough to power around half of Victoria’s current homes at their peak energy use.
To support these targets, the Labor Government is investing $119 million from the $540 million Renewable Energy Zone Fund in a 125MW big battery and grid forming inverter in the Murray Renewable Energy Zone, between Bendigo and Red Cliffs.
Continuing the drive to a renewable energy target of 50 per cent by 2030, the Government today also announced $38.2 million from the Energy Innovation Fund (EIF) will go to four projects using new technology to generate and store clean energy.
Additionally, they will fund a renewable hydrogen plant. Yarra Valley Water will receive $11.9 million to install an electrolyser to make renewable hydrogen using recycled water in Wollert.
The Smart Energy Council strongly supports these commitments.
We urgently need significant additional energy storage capacity, in order to make a rapid transition to renewable energy and make 24 hour renewable power a reality.
Renewable hydrogen is also critical for stripping emissions from other sectors and to cement Australia’s competitive advantage as a renewable energy leader.
These are absolutely the right policies at the right time.
“These commitments demonstrate real national leadership,” said John Grimes, Chief Executive of the Smart Energy Council.
“Energy Storage makes a renewable future possible. The Victorian government are showing the way with this policy, and delivering Victorians secure, cheap, zero emissions electricity available whenever they need it.”