Victoria is making significant strides towards its renewable energy objectives, as highlighted by the state government’s recent announcement. Energy and Resources Minister Lily D’Ambrosio reported that over 42% of the state’s electricity was generated from affordable renewable sources, placing it on track to meet its legislative target of 40% by the end of 2025.
This surge in renewable energy production has not only advanced Victoria’s goals but has also led to the lowest wholesale electricity prices in Australia. Last year, the average wholesale price in Victoria was $107 per megawatt hour, in stark contrast to neighbouring states: NSW at $151, South Australia at $138, Queensland at $127, and Tasmania at $115. D’Ambrosio emphasised that the focus remains on reducing power bills, alleviating the cost of living for Victorian families and businesses.
Investments in renewable energy infrastructure have yielded impressive results, adding nearly seven gigawatts of capacity through more than 90 projects statewide. Additionally, there are plans for another 50 gigawatts of proposed or committed projects. Collectively, once these initiatives are completed, they are expected to provide energy to approximately 574,000 households annually.
Solar energy plays a notable role in this transformation, contributing 11% to the state’s energy output in the past financial year. Overall, the government’s commitment to renewable energy generation is reaping benefits by driving down costs and progressing towards a sustainable energy future.