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Victoria announces ambitious renewable energy storage targets

energy storage targets

The Victorian state government has introduced the biggest energy storage targets in Australia, saying it will drive down power bills, create jobs and boost renewable energy investment across the state.

Victorian premier Daniel Andrews and minister for energy Lily D’Ambrosio announced the targets alongside a $157 million package supporting renewable energy generation and storage projects across the state.

The government stated that Victoria will reach 2.6 gigawatts (GW) of renewable energy storage capacity by 2030, with an increased target of 6.3 GW of storage by 2035, which is enough renewable energy to power around half of Victoria’s current homes at their peak energy use.

“Victoria is already the renewable energy capital of Australia, and now, we’ll have the biggest energy storage targets in the country too,” said Andrews.

The targets are expected to secure 12,700 jobs and $1.7 billion in investment from 2023 to 2035. Storage is vital to soak up solar and wind generation when it’s abundant and then feed that energy back into the grid when it’s needed.

To support these targets, the state government is investing $119 million from the $540 million Renewable Energy Zone Fund in a 125MW big battery and grid forming inverter in the Murray Renewable Energy Zone, between Bendigo and Red Cliffs.

This modern battery technology will help implement storage targets and stabilise the grid to allow for a smooth transition to clean energy.

Continuing the drive to a renewable energy target of 50 per cent by 2030, the government also announced $38.2 million from the Energy Innovation Fund (EIF) will go to four projects using new technology to generate and store clean energy.

Victoria’s new storage targets include both short and long-duration energy storage systems – which can hold more than eight hours of energy – including batteries, hydroelectricity and hydrogen technologies.

Victoria is home to the largest battery in the Southern Hemisphere – the Victorian Big Battery – a 300 MW battery just outside Geelong.

The new storage targets and clean energy projects are supporting Victoria’s nation-leading action to combat climate change and drive down power prices, including the legislated renewable energy target of 50 per cent by 2030, the goal to reduce emissions by 50 per cent by the same year and reach net zero by 2050.

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