Daniel Andrews pledges to return state’s energy network to public ownership
Victoria’s energy network will return to public hands under a re-elected Andrews government, which would revive the State Electricity Commission and build renewable energy infrastructure to replace ageing coal-fired power plants.
Premier Daniel Andrews and Environment and Energy Minister Lily D’Ambrosio announced on Thursday that Labor would also accelerate its target to cut emissions up to 80 per cent by 2035 and net zero by 2045 – five years earlier than planned.
Premier Daniel Andrews says he will return the electricity network to public ownership.Credit:Alex Ellinghausen
At least $20 million would be invested in the State Electricity Commission, which was the state’s main power supplier and distributor when it was government-owned, with an office in Morwell in the Latrobe Valley.
Victoria would have a 51 per cent stake in the network and Andrews said the superannuation industry was the preferred investor in the remaining share.
The former Kennett Liberal government privatised the energy network in the 1990s, a decision Andrews said failed consumers and drove up power bills.
AGL announced last month that its Loy Yang A coal-fired power plant in the Latrobe Valley would close a decade early in 2035, a loss of 575 jobs.
The Hazelwood power station also closed in 2017, with only five months’ notice.
AGL will close the Loy Yang Power Station a decade earlier than it previously planned.Credit:Bloomberg
“They’ve made their profit, and now they are leaving,” Andrews said.
“It’s about building offshore wind, not building offshore profits.”
Victorian Labor would provide $1 billion to deliver 4.5 gigawatts of power through renewable energy projects to replace the capacity from Loy Yang A and create 59,000 jobs.
The commission could recommend establishing publicly owned retailers.
Andrews said the emissions reduction targets would be legislated.
The state opposition has previously committed to halving emissions by 2030 in a legislated reduction target and funding a $1 billion strategy to support clean hydrogen.
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