Victoria takes important step to strengthen energy security
Victorian Chamber of Commerce and Industry
The Victorian Chamber of Commerce and Industry (VCCI) has welcomed approval of the new offshore Otway Basin gas project, describing it as an important and practical step towards securing Victoria’s every future and supporting business confidence during the transition to net zero.
The approval of Amplitude Energy’s “Annie” project comes as Victoria faces growing pressure on future gas supply, with the Australian Energy Market Operator forecasting peak day shortfalls later this decade as Bass Strait production declines.
VCCI has consistently called for a clear, commercially realistic and technology-neutral energy roadmap that prioritises affordability, reliability and security alongside emissions reduction.
Gas remains critical to Victoria’s economy, with more than two-thirds of households still connected to gas and many manufacturers, food producers, exporters and industrial businesses continuing to rely on it as an essential energy source.
Victoria’s business community has repeatedly warned that without reliable and affordable energy, investment confidence, industrial competitiveness and jobs would be put at risk.
VCCI has long advocated for an “all forms of energy” approach to the transition, recognising that renewables, storage and transmission must continue to expand, while ensuring sufficient firming capacity and gas supply remains available during the transition period.
The new project is expected to support local supply at a time when Victoria is increasingly at risk of becoming reliant on imported gas, placing further upward pressure on prices and energy security.
To be attributed to Victorian Chamber of Commerce and Industry Acting Chief Executive Amelia Bitsis:
“This decision reflects the need for practical, balanced energy policy that supports both emissions reduction and economic stability.
Victoria’s energy transition must continue but it must also work.
“This is a positive and sensible step toward ensuring Victoria has the reliable and affordable energy supply businesses and households need during the transition to net zero.
“We have consistently said gas will remain an essential part of Victoria’s energy mix for some time yet, particularly for manufacturing, industrial operations and thousands of small businesses that rely on it every day.
“Victoria is already facing significant pressure around energy affordability and future supply.
Unlocking additional local supply helps strengthen energy security, our sovereign capability and supports investment confidence and reduces the risk of further price shocks such as the current fuel crisis.
“The transition must be orderly, practical and commercially realistic. That means continuing to invest in renewables and new technologies, while also recognising the important role gas continues to play in keeping Victoria’s economy strong.”
Contact details:
Rebecca Chin, [email protected], 0423 883 945