The Victorian Parliament has approved the historic sale of Victoria’s share of Snowy Hydro Limited, ratifying the agreement reached with the Commonwealth.
As part of the historic agreement, Victoria will receive more than $2 billion from the Commonwealth that will benefit all Victorians.
Unlike the Liberals and Nationals, who have already committed to spend the proceeds exclusively in metropolitan Melbourne, Labor will use the proceeds to build productive infrastructure across Victoria.
Today’s approval by the Victorian Parliament paves the way for the proposed Snowy Hydro 2.0 initiative, which is expected to provide increased levels of renewable energy into the national energy market.
In an important win for farmers, Victoria has ensured the agreement with the Commonwealth will not result in any changes to the current water arrangements for the State.
The Commonwealth Government has provided an assurance that Snowy Hydro will remain in public ownership and that the headquarters of Lumo Energy and Red Energy will remain in Victoria – securing Victorian jobs for two years.
Quotes attributable to Treasurer Tim Pallas
“This is a historic deal that’s good for Victorians and good for our economy, as we continue to build the infrastructure and create the jobs our state needs.”
“While the Liberals and Nationals have already spent the proceeds in Melbourne, Labor will put the proceeds towards productive infrastructure right across the state to benefit all Victorians.”
Reviewed 19 August 2020