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Vret Support Agreement

The projects will not provide electricity to the government, but under an agreement known as a “contract for difference,” the Government of Victoria will ensure that projects receive a minimum price. The RFP contains important information on the detailed conditions of participation in the auction, all aspects of the auction organization, technical specifications, eligibility and evaluation, as well as the type of state assistance during the 15-year assistance agreement. Supporters also include a series of models for return information described in the PSP, including comprehensive financial and technical forecasts. “It`s simple – a greater supply of renewable energy means lower electricity prices and more jobs for Victorian families,” Andrews said in a statement. “We are making Victoria the renewable energy capital and supporting the thousands of jobs it creates.” The Victorian government has launched the Victorian Renewable Energy Auction Scheme to support the achievement of the Victorian Renewable Energy Targets (VRET). The government has increased the VRET to 50% by 2030. Successful projects for the first auction were announced on Tuesday, September 11, 2018. Council of the Victorian government in the negotiation and completion of two projects that are part of the energy target of Victorian Counter-Target. The Reverse Auction wanted to support 600 MW of renewable projects and resulted in contracts for 6 projects with a total capacity of 900 MW.

We negotiated and concluded assistance agreements for winton Solar Farm and the Mortlake South Wind Farm. The public publication of this Request for Proposal (RFP) via the Victorian Tenders website officially marks the beginning of this reverse auction. In this auction, the Victorian government will award commercial contracts to support up to 650 MW of new renewable energy generation. Not only is the auction stagnating with lower electricity prices for the state, but this auction and the latest rooftop solar aid program bring as many emission reductions as the federal government had anticipated with the national energy guarantee that no longer exists over a entire decade. Today, the Morrison government has abandoned all attempts to reduce emissions. Victoria`s announcement came on the same day that the government also announced a $40 million program to subsidize the installation of batteries in 10,000 homes, after announcing a $1.2 billion program to provide discounts and zero-rate credits to Dachsolar for 4kW for 650,000 homes. In addition to the VRET, the Victorian government has started Australia`s largest renewable energy auction (VRET Auction) by publishing the RFP on the Victorian Tenders website. The response has been so positive, and the auction value is so high and prices so low that the government would have decided to allocate 928 MW of capacity, far more than the 650 MW envisaged when the auction was first announced just over a year ago. The Renewable Energy Act 2017 (Vic) was passed on November 8, 2017, making Victoria the first Australian state to reflect its Renewable Energy Goals (VRET) in legislation. However, this proposal has been rejected and the company will put the funds on the market, with a final investment decision expected by the end of the year. In the meantime, Acciona has announced that it will add accumulators to the proposed Mortlake South project. This was set last November at 56 USD/MWh for wind, 53 USD/MWh for solar PV and 56 USD/MWh for solar PV with tracking.

If the actual wholesale price is higher than these figures (and it was almost twice as high as in Victoria for much of this year), then the owner of the wind farm returns the difference to the government.

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