The Australian state of Victoria is set to become the first in the country to commit to specific renewable energy targets and investment levels.
Premier of Victoria, Daniel Andrews, introduced the Victorian Renewable Energy Targets (VRET) legislation Wednesday. In it the government pledges that a quarter of the state’s energy will be renewable by 2020, increasing to 40% by 2025. Supporters of the move say it will slash annual electricity costs by $30 for households – and for large companies by $140,000 – within less than two decades.
“Renewable energy creates jobs, drives growth, and protects our environment – and most importantly, helps drive down power prices for Victorian households and businesses,” Andrews said.
Multi-billion dollar VRET auctions will be held to attract the investment and companies needed to develop the projects that will deliver the Premier’s ambitions.
And the government also announced this week two solar projects would be developed – totalling 138MW – to power the iconic trams that run through the state capital of Melbourne.