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As part of the drive to reach net zero by 2050 and in the lead up to the state election, the Victorian Government has announced plans to legislate the largest renewable energy storage targets in Australia: 2.6 GW by 2030, increasing to 6.3GW by 2035.

The Victorian Government has announced that the proposed Storage Targets will include both short and long-duration energy storage systems. The intent of this mix is to facilitate a range of services, including shifting load and generation to different times of the day, and also to supply power through longer duration power system imbalances. This provides for a broad range of technologies to be eligible for the Storage Target, including batteries, pumped hydro and hydrogen technologies. The Victorian Government has also referred to grant funding to be provided for ‘seed projects’, indicating that there may be some focus on early stage and R&D technologies.

The Storage Target is proposed to be legislated, with the aim of providing certainty to the market and bring forward investments into energy projects. The policy intent is to provide firm capacity to facilitate the development of new renewable energy projects, and to move Victoria’s energy mix from coal generation to renewable energy.

No further detail about the scheme or legislation underpinning Storage Target has been provided at this point. The Victorian Government has announced that a consultation paper will be released later in 2022 and has called for interested parties to be involved in the consultation[1].

Interested proponents of energy storage projects should continue to monitor as further details of the Storage Target are released, and consider being involved in consultation process.

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