Victoria's Offshore Wind Power: A Cost-Effective Solution for Renewable Energy Transition

A report commissioned by Southerly Ten and produced by Jacobs found that developing offshore wind power in Victoria's Gippsland region could save the national grid billions of dollars between 2026 and 2060. The report models the effects of building 7 GW of offshore wind power in Victoria and found that despite costing $1 billion more to build, the savings would cut wholesale power prices by $5 per megawatt hour between 2033 and 2040. Offshore wind farms produce higher amounts of electricity due to strong winds and large turbines, and can easily connect to existing grid infrastructure.