In a few short years, electricity flowing into Victoria’s grid from brown coal will cease. Among the new renewable generators competing to sell power will be the Andrews government’s State Electricity Commission. But how will it work?
recently predicted that in three years there will be enough renewable energy available, at certain times, to meet 100 per cent of demand.
For the Andrews government, the finality of the situation was hammered home by AGL’s announcement it would shut its hulking Latrobe Valley Loy Yang A power plant, which supplies about one-third of the state’s electricity, a decade early in 2035.– or perhaps fear – that the market alone might fail to provide enough renewable energy to offset the looming demise of brown coal.
Profits earned by the government will be invested back into the network as part of a 10-year plan to drive down power prices and reach the state’s ambitious emissions reduction targets.
The new entity will almost certainly be run as a state-owned corporation, controlled by an independent board that will include industry experts operating at arm’s length from the government. One of D’Ambrosio’s key contentions is that energy companies have deliberately failed to reinvest in new generation capacity: “Keeping energy supply on the shorter side means keeping profits high,” D’Ambrosio said. “High profits come from high prices.”
“I’m struggling to see what market failure it is addressing,” she said. “If Labor is building 4.5 gigawatts of capacity it’s still a very small player compared to the large generators like AGL and Origin.
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