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Victorian State Budget 2023/24

For the good of all Victorians, for good

Putting power back in the hands of Victorians.

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We’ll revive the SEC as an active energy market participant and make an initial investment of $1 billion to replace unreliable and privately‑owned coal with cleaner and cheaper renewable energy – with all profits invested back into the network.

Since 2019‑20, we’ve invested $4.5 billion to accelerate our energy transition by increasing our renewable generation capacity, strengthening our networks, and encouraging households to take up rooftop solar with our Solar Homes program. And we’ll keep going.

We’ve already hit the ground running, taking the first steps to bring back the SEC. Since December 2022, we have:

  • Appointed an Interim Chief Executive Officer.
  • Appointed six of Australia’s most prominent energy experts and business leaders to an Expert Advisory Panel to guide the SEC’s work.
  • Launched a market search for the SEC’s pioneer investment, calling for registrations of interest from the private sector to identify suitable renewable energy generation and storage projects across the state.
  • Invested $21 million to prepare the SEC for its new role in our energy market, including setting up a presence in Morwell and Melbourne, with an additional $24 million to be provided in 2023‑24.

And because we know how important it is to protect the SEC for future generations, we’ll enshrine the SEC in Victoria’s Constitution with legislation.

Reviewed 20 May 2023


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