The state government has announced it will bring back government ownership of energy in an effort to deliver cheaper power bills and lower emissions, if re-elected at the November election.
The switch will involve reviving the State Electricity Commission [SEC] as an active energy market participant to build new renewable energy projects.
The SEC was established in 1918 to provide affordable electricity for Victorians.
The government will make an initial investment of $1 billion towards delivering 4.5 gigawatts of power through renewable energy projects.
“Big energy companies want to offshore profits – we want to offshore wind,” Premier Daniel Andrews said.
“Renewable energy is the future: it’s good for our climate, good for lower power bills and good for jobs.
“We’ll bring power back into the hands of Victorians by creating government-owned energy – keeping bills down and the lights on.”
The new SEC will become an energy market proponent under a 10-year plan to deliver cleaner, cheaper energy, with all profits invested back into the network.
The state government said it will deliver new renewable energy targets for Victoria, increasing to 65 per cent by 2030, and 95 per cent by 2035.
Details: danandrews.com.au/energy
