VRET passed into law

In the face of Federal Government inaction, paralysis and generally befuddled renewables policy fumbling, state governments have begun to stand up to create the conditions suitable for large scale renewable investments. A prime example of this, the Victorian RET or VRET passed into law today.

Victorian Energy, Environment and Climate Change Minister Lily D’Admbrosio had foreshardowed the bills’ passage in a speech delivered at the All Energy Australia event last week in Melbourne.

The legislation passed Victoria’s upper house with a vote of 20 for and 18 against.

The Victorian Government claims that the legislation and target will reduce electricity costs for households by a modest $30 a year, $2,500 a year for SMEs and $140,000 for bigger businesses.

The VRET targets emissions reductions from the electricity sector of 16% over the next 18 years. It is anticipated to create 11,000 jobs in Victoria.

“These legislated targets remain the one constant for renwable energy investor confidence in Australia,” said Victorian Energy Minister Lily D’Ambrosio, “and the message is clear – Victoria is open for business.”