Victorian Labor Pledges $1 Billion to Revive State-Owned Energy Giant to Fast Track Net-Zero Push

Former federal minister warns move will undermine energy grid

Premier Daniel Andrews of Victoria speaks to media during an announcement at PowerPlus Energy, in Melbourne, Australia on Oct. 21, 2022. AAP Image/Diego Fedele

Weeks prior to the state’s election, the Labor government is pledging $1 billion (US$628 million) to revive Victoria’s State Electricity Commission (SEC) to fast-track the state’s net-zero push.

Under the plan, the SEC will be directed to spend that money on building renewable energy projects to provide 4.5 gigawatts of power aimed at replacing the closure of the Loy Yang coal-fired power plant in the region.