The Victorian Government is investing an additional $20 million in large-scale energy storage initiatives across Victoria in order to maintain the reliability of its energy grid, create jobs and protect affordability.
The investment will take the Government’s total investment in energy storage to $25 million.
This new funding will support energy storage companies that specialise in technologies including batteries, pumped hydro or solar thermal, to partner with network businesses to boost energy storage capacity in Victoria up to 100MW by the end of 2018.
For example, a 20MW battery could power a town the size of Bendigo or Ballarat for up to four hours during a peak demand period and avoid outages.
Storage of this size is a first for Victoria and will drive innovation in its electricity sector and modernise the network. Energy storage, micro-grids and internet-enabled technologies, coupled with renewable energy sources, can also be used to better manage energy demand, especially in peak periods.
Victorian Premier, Daniel Andrews, said, “Victoria will remain a net exporter of energy, but investments like this will ensure our state stays as one of the most reliable energy producers in the world.
“Our focus is on keeping Victoria’s diverse energy system as affordable, resilient and secure as possible, particularly during peak periods and extreme weather events.”
Minister for Energy, Environment and Climate Change, Lily D’Ambrosio, said the investment is about using all the technology that is available to ensure the security and reliability of energy supply, while creating jobs.
“Given Malcolm Turnbull’s new found interest in energy storage initiatives and the fact that Victoria has so far received only four per cent of ARENA’s total national funding, we call on Mr Turnbull to match our state’s investment in energy storage,” Ms D’Ambrosio said.
Alongside this investment, the Government is also setting up an Energy Taskforce of Cabinet to ensure Victoria remains one of the most affordable and reliable energy systems in the world. It held its first meeting on 14 March 2017.
Expressions of interest for the second round of tenders are being sought by April 15 2017 and should be sent to energystorage@delwp.vic.gov.au.
