Saturday Morning With Jack Tame

One of the world’s largest batteries to store renewable energy is set to be built in Victoria to help drive down power costs for Victorians.The Victorian government on Thursday announced the 300 megawatt Tesla lithium-ion battery would be installed near the Moorabool Terminal Station, just outside Geelong, and would be ready by the 2021-22 summer.Energy, Environment and Climate Change Minister Lily D’Ambrosio said it would be the largest lithium-ion battery in the southern hemisphere.She said an independent analysis had showed the battery would deliver more than $2 in benefits to Victorian households and businesses for every $1 invested.She said consumers would pay for the use of the battery through their power bills, but the reduction in wholesale energy prices delivered by the battery would mean Victorians paid less for power.The battery will help reduce wholesale prices by storing renewable energy at a time when the weather makes it plentiful and at its cheapest and then discharging it into the grid when p