Victoria’s new storage targets are Australia’s largest to date and bring to a head calls for government schemes to incentivise technologies to store the nation’s rapidly growing share of renewable generation.
The targets are for both short and long-duration storage systems, including batteries, hydroelectricity and hydrogen technologies. The government expects the targets to secure $1.7 billion in investment by 2035.
By that date, Victoria aims to have enough storage capacity to power around half of its current homes at their peak energy use.
“These commitments demonstrate real national leadership,” Chief Executive of the Smart Energy Council, John Grimes, said of the news.
To start making these targets a reality, the Victorian government simultaneously announced a $119 million investment from its $540 million Renewable Energy Zone Fund to support a 125 MW big battery and grid forming inverter in the Murray Renewable Energy Zone, between Bendigo and Red Cliffs.
That contract has been awarded to Edify Energy.
Alongside the storage target, Victorian Premier Daniel Andrews and Minister for Energy, Lily D’Ambrosio, said the state will deliver a $157 million package to support renewables and storage projects though details remain scarce.
What the Victorian government did say was $38.2 million from its Energy Innovation Fund has been awarded to four projects.
The fund will provide $7 million for a 100 MW battery and inverter in Terang, as well as $19.3 million for two bioenergy projects at farms in Gippsland and Barwon. Yarra Valley Water will receive $11.9 million to install an electrolyser to make renewable hydrogen using recycled water in Wollert.
Victorian big batteries
Victoria is already home to the largest battery in the Southern Hemisphere – the 300 MW Victorian Big Battery owned by Neoen.
Developer Maoneng is also progressing with its plan to build a 240 MW / 480 MWh project on Victoria’s Mornington Peninsula.
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