National Electricity Market

The Victorian Labor government has announced an “ambitious and achievable” Victorian Renewable Energy Target (VRET). This target will commit the state to generating 25% of its electricity from renewable energy by 2020, and 40% by 2025.

Australia's large energy companies appear to prefer to accept fines for not building renewable energy rather than build it and weaken their investments in coal and gas generation. When the Tony Abbott government passed legislation to reduce the Renewable Energy Target (RET) by about 20% in June 2015, some supporters of renewables hoped that an end to policy uncertainty would free up finance for investment and get planned projects into the construction phase.