The design of Victoria’s renewable energy auction scheme is now open for the community and businesses to have their say on how the state will reach its renewable energy targets.
As part of the scheme, the Victorian Government will hold a series of auctions which will call on industry to bring forward bids requesting support to build new renewable energy capacity in Victoria.
Funding will be awarded via long-term contracts, between the scheme administrator and successful parties, for projects demonstrating the best value for money for Victorians.
Based on current generation and demand forecasts, this would involve the Government auctioning up to 5,400 megawatts (MW) of additional capacity over the life of the scheme.
Victorian Minister for Energy, Environment and Climate Change Lily D’Ambrosio has urged businesses and the community to contribute to the process, which will help deliver Victoria’s renewable energy generation targets of 25 per cent by 2020 and 40 per cent by 2025.
The consultation process will seek feedback on the design of major aspects of the scheme such as its structure, contractual arrangements, cost recovery mechanisms and auction evaluation principles.
Ms D’Ambrosio said, “The Andrews Labor Government has set ambitious renewable energy targets to create jobs, stimulate economic development and reduce greenhouse gas emissions.
“We are looking for input from the community and business on the design of our renewable energy auction scheme which will help us reach our targets.
“We want to be in a leading position as the world transitions to renewable energy to promote Victorian jobs and the economy, while reducing our emissions.”