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Boosting renewables in Victoria and Tasmania

Capacity Investment Scheme

The Federal Government has announced a big boost to renewables in Victoria and Tasmania, with a combined 1.7 gigawatts (GW) piece of the 6GW pie in Australia’s largest ever tender for renewable energy opening this month.

The deals will be signed as part of the Federal Government’s Capacity Investment Scheme, which is unlocking 32GW of reliable renewables between now and 2030.

The Reliable Renewable plans with states and territories (Renewable Energy Transformation Agreements) are about unlocking and fast-tracking new energy investments in individual states while ensuring a reliable grid.

As part of upcoming Reliable Renewables plans, Tasmania will be guaranteed at least 300MW of new renewable energy projects in this tender, and Victoria will be guaranteed at least 1.4GW – enough to power at least 700,000 Victorian households.

Victoria has welcomed the Commonwealth’s early commitment ahead of the final agreement on the full CIS program for Victoria.

Today’s announcement comes after recent deals across the country to deliver energy where and when it’s needed for households and industry – with first allocations delivering at least: 2.2GW for NSW, 300MW for South Australia and 500MW for Western Australia

The Reliable Renewables plans with States will be designed to ensure reliability and tackle barriers preventing energy coming online sooner, keeping the lights on for households and businesses as aging coal-fired power stations shut down.

The Federal Government’s Reliable Renewable Plan through the Capacity Investment Scheme is transforming Australia’s energy system to a reliable 82 per cent renewable grid backed by storage, gas and transmission.

With the amount of renewable generation in the National Energy Market increasing by around 25 per cent since coming to office, and wholesale prices now turning around, we know that plan is working.

Registration of bids for the tender open on 16 May. This is the first of a series of planned six-monthly auctions.

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