News | 9th Oct, 2018

Making sure the renewable boom delivers for Victorians

Maximising the benefits of Victoria's renewable energy target

The 2018 election gives all parties a chance to show how they will make sure there is ongoing investment in new renewable energy projects. These plans should drive a consistent pipeline of work for Victorian manufacturers, helping to ensure that the jobs created through renewable energy are kept in Victoria.

This report analyses three scenarios for the future of the Victorian Renewable Energy Target:

  • Scenario 1: Continuing with the current VRET structure
    While the VRET is driving renewable energy investment in Victoria, the current structure cannot provide sufficient certainty.  The risk is that we return to ‘boom and busts’ in the renewable energy industry.
  • Scenario 2: Maximising certainty within the VRET 
    To embed certainty at the centre of the VRET the government should legislate a Renewable Energy Guarantee to ensure that at least 1000 MW of renewable energy is constructed every year between 2019 and 2024.The Guarantee would drive down power prices for households and business and provide local manufacturers with the certainty they need to expand their facilities and employ more staff in Victoria.
  • Scenario 3: Cancelling the VRET
    Cancelling the VRET will see investment in new large-scale renewable energy projects cease after 2020, because the federal Renewable Energy Target (RET) has been met and there is no national policy to support investment in new wind or solar facilities in Victoria. This will mean Victoria misses out on 12,200 jobs across the state.

Read the full report below, or click here to download.