A publicly owned power company would generate electricity in Victoria under a re-elected Andrews government, which plans to revive the State Electricity Commission and build renewable energy infrastructure to replace ageing coal-fired power plants.
Premier Daniel Andrews and Environment and Energy Minister Lily D’Ambrosio announced on Thursday that Labor would also accelerate its target to cut emissions by up to 80 per cent of 2005 levels by 2035 and net-zero by 2045 – five years earlier than planned.
Loy Yang A will close by 2035.Credit:Eamon Gallagher
The government would provide $1 billion to deliver 4.5 gigawatts of power over 10 years through renewable energy and create 59,000 jobs, to replace capacity from the Loy Yang A coal-fired power plant which will close in 2035.
At least $20 million would be invested to prepare the State Electricity Commission and open an office in Morwell in the Latrobe Valley.
The commission was previously the main power supplier and distributor when it was government-owned before it was privatised by the former Kennett Liberal government in the 1990s, a decision Andrews said failed consumers and drove up power bills.
Victoria would have a 51 per cent stake in the revived commission, and its wind and solar projects. Andrews said the superannuation industry was the preferred investor in the remaining share.
Premier Daniel Andrews says he will return the electricity network to public ownership.Credit:Alex Ellinghausen
AGL announced the early closure of the Loy Yang A plant last month. In 2017, the Hazelwood power station closed with only five months’ notice.
“They’ve made their profit, and now they are leaving,” Andrews said.
“It’s about building offshore wind, not building offshore profits.”
The commission could recommend establishing publicly owned retailers.
Andrews said the emissions reduction targets would be legislated.
The state opposition has previously committed to halving emissions by 2030 in a legislated reduction target and funding a $1 billion strategy to support clean hydrogen.
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