As the energy need in Victoria increases, the State Government said that they will provide an extra $20 million investment for the state’s large-scale energy storage.
The funding will help companies that specialise in battery, pumped hydro or solar thermal technology partner with network businesses to boost storage to 100 megawatts by the end of next year.
The Government said that during a period of peak demand and avoid outages, the 20 megawatt battery could power a town the size of Bendigo or Ballarat for up to four hours.
The Government also announced a new cabinet taskforce to work on energy affordability, which will meet for the first time today.
Victoria’s announcement comes as the South Australian Government said it would spent $500 million on a “dramatic intervention” to secure its electricity supply, including plans to build and operate a 250-megawatt gas-fired plant to provide power grid stability and for emergency power needs.
On Monday, The Grattan Institute released a report which found competition in electricity retailing was failing consumers nationwide, and that governments needed to step in.
The report found in Victoria, retailers were claiming a margin of around 13 per cent, which is more than double the margin considered fair.