Exclusive: New bill also increases the state’s legislated renewable energy target to 100% by decade’s end
If passed, the bill will bring forward the closure of the Loy Yang coal-fired power stations in the Latrobe Valley east of Melbourne.If passed, the bill will bring forward the closure of the Loy Yang coal-fired power stations in the Latrobe Valley east of Melbourne.Victoria’s three remaining coal-fired power plants would be progressively shut down over the next eight years, under a Greens bill to be introduced to parliament this week.
The Victorian Greens’ climate spokesperson, Tim Read, said the plan would provide certainty to coal workers and the Latrobe Valley community. The bill also increases Victoria’s legislated renewable energy target to 100% by 2030. This is supported by $10bn in new renewable energy generation, storage and grid upgrades between 2023 and 2030.
When Hazelwood closed, electricity prices also rose by more than 10%. Read said the transition has to be managed carefully to ensure this does not happen again.To fund their proposal, the Greens will make big banks, property developers and the gambling industry pay more tax and increase royalties on coal and gas corporations before they close.