The 2023/24 financial year has seen Victoria make strong progress towards delivering an affordable, reliable and secure energy transition. This a key finding of the annual Victorian Renewable Energy Target Progress Report, which highlights Victoria’s progress towards meeting its renewable energy, offshore wind and energy storage targets during the 2023/24 reporting period.
The report outlined that renewable energy sources accounted for approximately 37.8% of Victoria’s electricity generation.
Other key highlights include:
- 13 large scale renewable energy generation projects with a combined capacity of 2,199 MW are under construction or undergoing commissioning as at 30 June 2024.
- Victorian households and businesses installed 630 MW of rooftop solar systems in 2023/24, which saw rooftop solar provide 9.3% of Victoria’s electricity generation in 2023/24, up from 7.9% during the previous year.
For the first time, the report is tracking progress towards our energy storage and offshore wind targets following the legislation of these targets during the year. Progress includes:
- 557 MW of commissioned energy storage capacity and 12 utility-scale storage projects with a combined capacity of 1,115 MW under construction or undergoing commissioning, as at 30 June 2024.
The strong pipeline of renewable energy and energy storage projects under construction or undergoing commissioning in Victoria, combined with continuing strong investment in rooftop PV systems, has Victoria well placed to achieve its 2025 target of 40% renewable electricity generation and tracking well towards its 2030 energy storage target of at least 2.6 GW.
To read the progress report: Victorian renewable energy and storage targets.
Page last updated: 31/10/24