SEC’s Bold Investment Plan for Energy Projects
The State Electricity Commission (SEC) plans to invest in energy projects that the private market hesitates to undertake, aiming to bridge the gap between renewable energy goals and current construction rates.
Addressing Renewable Energy Gap
Interim SEC chief executive, Chris Miller, emphasizes the need to double battery installation rates to meet climate targets. The SEC aims to support projects where private investment is uncertain.
Miller highlights a five-gigawatt gap between projected renewable energy projects by 2035 and the required capacity. He stresses the SEC’s role in boosting investment where market signals are insufficient.
Facilitating Private-Public Collaboration
While prioritizing renewable energy, the SEC aims to complement private investment rather than dominate the market. It seeks to accelerate and amplify private efforts towards sustainable energy development.
Miller asserts the SEC’s targets are significant, representing a substantial portion of Victoria’s energy needs. The commission’s first project, a $245 million battery farm, underscores its commitment to renewable energy initiatives.
Government’s Pragmatic Approach
Energy Minister Lily D’Ambrosio emphasizes a pragmatic approach to the energy transition, acknowledging the role of gas peakers in the state’s power generation. The government aims to minimize carbon emissions while facilitating private sector investment.
D’Ambrosio underscores the importance of private sector involvement in achieving energy transition goals, emphasizing the need for clear policy frameworks and statutory rules.
The SEC’s bold investment strategy aligns with the government’s commitment to accelerating renewable energy projects and achieving sustainable energy targets. Through collaboration and strategic investment, Victoria aims to lead in renewable energy development.
Source：theage.com.au
