|Date Announced||June 2006|
|Date Effective||1 January 2007|
|Agency||•Department of Primary Industries
•Essential Services Commission
•Green Certificate Trading
•Biomass for Power
•Multiple Renewable Energy Sources
•Concentrating Solar Thermal
|Size of Plant Targeted||Small and Large|
|Description||The Victorian Renewable Energy Target scheme is a market-based measure to increase the share of electricity consumption in Victoria from renewable energy sources to 10% by 2016.
Under the scheme, all electricity retailers and wholesale purchasers of electricity in Victoria have a legal liability to contribute towards the generation of additional renewable energy by acquiring Victorian renewable energy certificates (VRECs). The renweable power percentage for the 2009 compliance year (1 January to 31 December 2009) has been set at 1.50%.
The scheme will be transitioned into the national expanded Renewable Energy Target which is to commence in 2010.