Victoria Makes Renewable Energy Target State Law

The Victorian government has introduced legislation to preserve the state’s renewable energy targets in law as reported by The Guardian.

Victorian premiere, Daniel Andrews, announced the Victorian Renewable Energy Targets (VRET):

• 25% renewable energy by the year 2020
• 40% renewable energy by the year 2025

If it passed the upper house, the legislation will make the state of Victoria the first to preserve both its renewable energy targets and its commitment in renewable energy law. The premier said that it will send a strong signal to investors and give certainty to the energy industry and to the consumers itself.

The legislation attributes include:

• VRET will depend on a reverse auction to encourage the building of new wind and solar projects in the state.
• Household power bills will go down by $30/year over the life of the scheme.
• It will mean a 16% reduction in greenhouse gas emissions by the year 2034.

Click here to read the full story in The Guardian