JANE AGIRTAN INDEPENDENT

In 2023, the government committed an initial $1 billion to the SEC to help deliver 4.5 gigawatts of power through renewable energy projects, in which the Victorian government would take a majority stake.

Energy experts argued that “wouldn’t buy much” in a transition from fossil fuels expected to cost around $320 billion nationally.

SEC Victoria Pty Ltd has two shareholders, Ms Allan and Treasurer Tim Pallas, who each hold one $10 share on behalf of the government.

“The SEC is a shambles with no clear objective and no way forward,” opposition energy spokesman David Davis said. “It won’t help lower prices or secure supply.”

SEC advisory panel that included Dr Finkel and Mr Penn, former Australian Energy Market Operator chief executive Audrey Zibelman and Clean Energy Finance Corporation founding member Anna Skarbeck was disbanded in October 2023 with no plans to plans for it to reconvene.

As evident from financial statement extract below, employee costs of SEC were an eye-watering $3,404,000 in just 8 months of its existence and to no apparent benefit to Victorian taxpayers.

Fast forward to end of 2024 and Allan Labor Government’s SEC is comprehensively failing to deliver the affordable and secure energy Victorians were promised.  

Tabled in the Victorian Parliament this week, the SEC annual report revealed:

• The SEC is spending more than $1.3 million on consultants.
• The original four board members all resigned from their positions within 12 months.
• Executives account for nearly one-in-five of the SEC’s 45 employees.
• The SEC’s sole investment in the Melbourne Renewable Energy Hub (MREH) has lost $5 million across 2023-24.
• There remains only one employee based at the SEC’s Morwell location.

This comes as Victorians continue to pay more for electricity, with the highest increases of all mainland states.