Victorian power bills to surge amid renewables rush

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Victoria has legislated a target to source 95% of its electricity from renewable energy by 2035. This is one of the most ambitious renewable energy goals in Australia and globally, designed to accelerate the state’s transition away from cheap brown coal and toward cleaner energy sources, such as wind, solar, and storage.

The target is embedded in the Renewable Energy (Jobs and Investment) Act 2017 (Vic), giving it legal force. The following timelines have been set to reach the 95% renewable energy target:

  • 25% renewables by 2020
  • 40% by 2025
  • 65% by 2030
  • 95% by 2035

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.