Victoria’s energy grid is getting a critical boost with a $160 million investment through the Clean Energy Finance Corporation (CEFC).
The Australian Government is supporting construction of Neoen’s Victorian Big Battery to support the integration of more renewable energy into the grid.
The Australian Energy Market Operator (AEMO) will enter into a contract with Neoen to reserve 250MW from the battery to respond to unexpected network outages.
These services could see average industrial electricity consumers save as much as $280,000 per year on their bills. The Portland aluminium smelter, a major user of electricity, could see its bills reduced by $1 million per year.
The Hon Angus Taylor MP, Minister for Energy and Emissions Reduction, said the project would give Victorians confidence in their state’s energy system.
‘Investments in batteries can help stabilise our grid at a time of record investment in renewables,’ the Minister said.
Long-duration energy storage is a priority technology under Australia’s Technology Investment Roadmap.
The Victorian Big Battery will be one of the largest energy storage facilities in the world and is expected to be online for next summer.