The Andrews Labor Government welcomes today’s release of the Final Report for the Independent Review into the Future Security of the National Electricity Market (the Finkel Review).
The final report, prepared by an Expert Panel and chaired by Australia’s Chief Scientist Dr Alan Finkel AO, recommends action to create a reliable and affordable energy system, and supports practical steps to address climate change and modernise our electricity grid.
The report also reflects the vital role of renewable energy and energy storage.
It is clear from the findings of Dr Finkel and the Expert Panel that the energy market reform process has not kept pace with the transition that is already underway in the energy sector.
The absence of a stable long-term national emissions-reduction policy for the sector has also created investment uncertainty, impacting energy prices and reliability to the detriment of consumers and the wider economy.
Action is already underway in Victoria to build a renewable, affordable and reliable energy sector that powers our economy, creates jobs and delivers health and social benefits, while reducing our environmental impact.
The Labor Government has set ambitious and achievable renewable energy targets, and is working to increase the uptake of renewable energy generation. We are investing in large-scale battery storage, modernising our grid and driving energy efficiency.
We’re also supporting Victorian-based projects to create long-term sustainable jobs, reduce greenhouse gas emissions and drive innovation in new energy technologies.
Our renewable energy target alone will create up to 11,000 jobs and drive an estimated $9 billion in investment.
The Finkel Review provides a way forward for climate and energy policy at a national level. The Labor Government calls on Canberra to take this as an opportunity to end a decade of toxic politics that has created uncertainty for industry and slowed investment.
We will carefully review the contents of the Final Report before determining our position on the recommendations, inducing the merits and effectiveness of a Low Emissions Target.
Quotes attributable to Minister for Energy, Environment and Climate Change Lily D’Ambrosio
“We’ve said all along that more renewable energy means lower prices and we’re glad that Dr Finkel agrees.”
“Inaction is not an option. It is critical that we have an electricity grid and energy market institutions that are fit for purpose in our modern energy system.”
“We welcome the Expert Panel’s Final Report and will take to time to consider its recommendations. It’s great to see actions already underway in Victoria getting the support they deserve.”
Reviewed 19 August 2020