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Sep 27 2022

Victorian Storage Target Announcement

The peak body for energy retailers and generators, the Australian Energy Council, said the State Government’s announcement was acknowledgement that new investment in storage will be critical to a successful energy transition.

The AEC’s General Manager Corporate Affairs and Retail, Ben Barnes, said “We recognise the Victorian Government is motivated to ensure energy security. We need to see the detail of how this will be implemented and how this might impact other measures, such as the capacity mechanism that has been agreed to by energy ministers.

“Nationally, energy ministers have committed to a capacity mechanism to ensure the future reliability of the grid, so it’s important to ensure any state-based approaches don’t affect the success of that work, which is well underway.

“It’s important that the target’s design sends the right signals to attract market investment, and does not detract from a national, competitive approach to delivering reliable energy.

“We look forward to engaging closely with the Government over the coming months to ensure the storage target is designed in a manner that provides certainty to investors, and enables the energy transition to occur at least cost to consumers.”

About the Australian Energy Council

The Australian Energy Council is the peak industry body for electricity and downstream natural gas businesses operating in the competitive wholesale and retail energy markets. AEC members generate and sell energy to 10 million homes and businesses and are major investors in renewable energy generation. The AEC supports reaching net-zero by 2050 as well as a 55 per cent emissions reduction target by 2035 and is committed to delivering the energy transition for the benefit of consumers.

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