Wednesday, 5 March 2025

Department of Energy, Environment and Climate Action

Victorian Renewable Energy Target 2023–24 Progress Report

Tom McINTOSH (Eastern Victoria) (17:29): I rise to make a statement on the Victorian Renewable Energy Target 2023–24 Progress Report. It outlines how the state government is not only meeting but beating our targets, whether that is in energy generation or emission reductions. Victoria’s Renewable Energy (Jobs and Investment) Act 2017 was amended in March 2024 to legislate Victoria’s renewable energy targets of 65 per cent by 2030 and 95 per cent by 2035, Victoria’s energy storage targets of at least 2.6 gigawatts of energy storage capacity by 2030 and at least 6.3 gigawatts by 2035, and Victoria’s offshore wind targets of at least 2 gigawatts of offshore wind generation capacity by 2032, 4 gigawatts by 2035 and 9 gigawatts by 2040. This report presents an assessment of progress towards these targets and statewide investment and employment in Victoria in relation to renewable energy generation and energy storage.

On the energy generation front, over the 2023–24 financial year renewable energy sources accounted for approximately 37.8 per cent of Victoria’s electricity generation. As at 30 June 2024, there were 13 renewable energy generation projects under construction or undergoing commissioning in Victoria, with a combined capacity of nearly 2.2 megawatts. Over 2023–24 Victorian households and businesses installed 630 megawatts of rooftop solar systems, which saw rooftop solar provide 9.3 per cent of Victoria’s electricity generation in 2023–24, up from 7.9 per cent in 2022–23. This volume of Victorian renewable energy projects under construction or undergoing commissioning, as well as the continuing strong investment in rooftop PV systems by Victorian homes and businesses, has Victoria well placed to achieve its 2025 renewable energy targets.

On the storage front, as of 30 June 2024, Victoria had 557 megawatts of commissioned energy storage capacity and 12 utility-scale storage projects, with a combined capacity of over 1 megawatt under construction or undergoing commissioning. A strong storage project pipeline will contribute to Victoria’s 2030 energy storage target of at least 2.6 gigawatts. Key milestones achieved in relation to our energy storage targets in 2023–24 include the commencement of construction at the SEC’s 600 megawatt/1600 megawatt-hour Melbourne renewable energy hub, and at the 185 megawatt/365 megawatt-hour Koorangie energy storage system, supported under the Victorian government’s Renewable Energy Zone Fund. Over the whole period, from project commencement to completion, our renewable energy and energy storage projects are estimated to support $8.41 billion in capital expenditure and 3882 jobs. In addition to the jobs supported through the construction of large-scale renewable energy projects, rooftop PV installations completed in 2023–24 are estimated to have supported a further 2641 jobs.

We can see here that renewable electricity generation grows from strength to strength in our state. The jobs that it provides also do the same in our state, ensuring we have electricity generation going into the future with jobs here providing reliable and affordable electricity to Victorian households and businesses. I just note the work Homes Victoria have done on solar PV, hot water and batteries in people’s homes, supporting them to take control of their own energy generation and storage and be able to drive their energy costs down going forward.