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ARTICLE · 17 NOVEMBER 2017

Victorian Renewable Energy Target (VRET) Auction Scheme now open for bids

Norton Rose Fulbright Australia
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This new Act makes Victoria the first Australian State to reflect its renewable energy targets (VRET) in legislation.

AustraliaEnergy and Natural Resources
Elisa De Wit
Elisa De Wit
Jacqueline Plant
Jacqueline Plant
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Victoria's Renewable Energy Target Auction Scheme now open for bids

The Renewable Energy (Jobs and Investment) Act 2017 (Vic) was assented to on 8 November 2017, making Victoria the first Australian State to reflect its renewable energy targets (VRET) in legislation.

The VRET requires 25 per cent of electricity generated in Victoria to come from facilities that generate electricity by using or converting renewable energy sources into electricity by 2020 and 40 per cent by 2025. The first target requires approximately 1500MW of renewable energy and the 2025 target requires approximately 5400 MW of new capacity.

To complement the VRET, the Victorian Government has now commenced Australia's largest ever renewable energy auction (VRET Auction) by releasing the Request for Proposal (RFP) on the Victorian Tenders website.

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