The revived State Electricity Commission will invest in projects the private market is still unsure about as it tries to close a huge gap in the amount of renewable energy needed by 2035 and the current rate of construction.would operate over the next decade, declaring the rate of battery installation in Victoria would need to double to help the state meet its climate targets.
“There’s a need for a pragmatic and bold investor to help with this and light the way. This is where we think this SEC can play a really important role.”“We need to double the current rates of installation of battery capacity across the system,” he said.“We’re here to partner, amplify and accelerate that investment. As a government-owned energy company, I see the SEC as an important bridge between private and public efforts,” he said.
But it differed from Labor’s initial election pledge for the SEC to take a majority stake in each renewable project it funded. The party also committed to spend $1 billion delivering 4.5 gigawatts of power.
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