Joint media release: Reliable Renewables plan boosting energy supply in Victoria and Tasmania

The Hon Chris Bowen MP, Minister for Climate Change and Energy

The Hon Lily D’Ambrosio MLC, Victorian Minister for Energy and Resources

The Hon Nick Duigan MLC, Tasmanian Minister for Energy and Renewables

The Albanese Government can today announce a big boost to renewables in Victoria and Tasmania, with a combined 1.7GW piece of the 6GW pie in Australia’s largest ever tender for renewable energy opening this month.

The deals will be signed as part of the Albanese Government’s Capacity Investment Scheme, which is unlocking 32GW of reliable renewables between now and 2030.

Our Reliable Renewable plans with states and territories (Renewable Energy Transformation Agreements) are about unlocking and fast-tracking new energy investments in individual states while ensuring a reliable grid.

As part of upcoming Reliable Renewables plans, Tasmania will be guaranteed at least 300MW of new renewable energy projects in this tender, and Victoria will be guaranteed at least 1.4GW - enough to power at least 700,000 Victorian households.

Victoria has welcomed the Commonwealth’s early commitment ahead of the final agreement on the full CIS program for Victoria.

Today’s announcement comes after recent deals across the country to deliver energy where and when it’s needed for households and industry – with first allocations delivering at least:

• 2.2GW for NSW
• 300MW for South Australia
• 500MW for Western Australia

Our Reliable Renewables plans with States will be designed to ensure reliability and tackle barriers preventing energy coming online sooner, keeping the lights on for households and businesses as aging coal-fired power stations shut down.

The Albanese Government’s Reliable Renewable Plan through the Capacity Investment Scheme is transforming Australia’s energy system to a reliable 82 per cent renewable grid backed by storage, gas and transmission.

With the amount of renewable generation in the National Energy Market increasing by around 25 per cent since coming to office, and wholesale prices now turning around, we know that plan is working.

Registration of bids for the tender open on 16 May. This is the first of a series of planned six-monthly auctions.

A market brief for the total 6GW tender is available from today at https://www.dcceew.gov.au/energy/renewable/capacity-investment-scheme/cis-tenders.

Quotes attributable to Minister Bowen:

“We’re focused on bringing energy prices down and boosting reliability by unlocking massive private investment in reliable renewables across Australia.

“We know the Albanese Government’s plan to deliver the lowest cost, reliable energy to Australians is turning wholesale energy prices around – and we’re delivering direct energy relief straight onto bills.

“Peter Dutton’s plan to rip up renewable contracts and wait 15 years to build nuclear at enormous cost to taxpayers is risky for Australia and does nothing to help households and businesses now.”

Quotes attributable to Minister D’Ambrosio:

“Victoria has done the heavy lifting to drive more cheap renewables into the grid, it’s great to have the Commonwealth Government on board to help us build even more renewable energy projects and deliver cheap and reliable power to homes and businesses across Victoria.

“We have an ambitious climate action agenda with a target of 95 per cent renewables by 2035 – to achieve this we must partner with industry to provide necessary confidence and leverage the huge amounts of private investment required.”

Quotes attributable to Minister Duigan:

“Tasmania has some of the best renewable energy resources in the world, and this support will help to harness these resources, delivering low-cost, reliable electricity to Tasmanian homes and businesses.

“We have a strong renewable energy past, with the CIS assisting to drive our renewable energy future to meet our growing demand and make a meaningful contribution to the national energy transition.

“I look forward to working with the Australian Government to finalise the agreement of the CIS in Tasmania.”