The State Electricity Commission (SEC) will be enshrined into Victoria’s Constitution, to ensure continued investment in Victoria’s energy transition.
The new SEC will invest in government owned renewable energy, to help the state achieve its target of 95 per cent renewable energy by 2035.
State Electricity Commission Minister Lily D’Ambrosio said enshrining the SEC in the state’s constitution will protect jobs and secure a renewable energy future.
“This will give the SEC greater protection to follow through on its strategic plans and continue putting the best interest and value for Victorians at the center of every decision,” Ms D’Ambrosio said.
The SEC will invest an initial $1 billion towards delivering 4.5 gigawatts of power through new renewable energy and storage projects – enough to power more than 1.5 million homes.
Enshrining the SEC in the constitution will give the SEC the certainty it needs to achieve its objectives under the recently released SEC 10-year Strategic Plan.
The SEC strategy has three key pillars: investing in new renewable energy and storage projects, supporting households to go all-electric, and building the renewable energy workforce we need to drive Victoria’s energy transition.
The SEC will announce its Pioneer Investment before the end of this year.