Former chief scientist Alan Finkel has quit his role advising Victoria’s SEC amid criticism by energy experts that it lacks clarity and capital.
The inaugural CEO of the SEC also told the Australian Energy Week conference it was still searching for its first project, amid growing concerns investments have dried up and the country isChris Miller, appointed interim CEO of the SEC, acknowledged on Thursday the energy transition would cause a large uptick in energy prices,“We know that getting to 95 per cent renewables in Victoria will require a large uptick in billed rates,” he told the conference.
to help deliver 4.5 gigawatts of power through renewable energy projects – with the Victorian government to take a majority stake in the projects.Dr Finkel, who has led the National Electricity Market Review, the Hydrogen Strategy and Low Emissions Technology Road map, confirmed his departure to thethat “you don’t want to crowd out private-sector funding”.“There are big challenges ahead but exciting challenges. I’m not suggesting it’s not possible to do.
But almost nine months after the plan was announced, the interim CEO Chris Miller said on Thursday that it is yet to find its first project, as major renewable investment dries up.“We know at a national level the Commonwealth government is aiming for 82 per cent renewable penetration by 2030. In Victoria we have a target of 95 per cent renewables by 2035,” he said.
Mr Miller said registration of interest in investing with the SEC closed in May “and we received a really pleasing response” but said “we know that our seed capital of $1 billion doesn’t buy 4.5 gigawatts acting alone”.
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