SEC Annual Report

Investing in Victoria’s renewable future

The 2024-25 financial year marked a period of significant investment and delivery for SEC, as we built on the foundations of our establishment in October 2023.

The SEC Annual Report 2025 reflects the substantial, long-term investments being made to accelerate Victoria’s energy transition, building our organisational capacity by growing our team and developing systems and processes to deliver on our mandate.

This includes developing a pipeline of generation and storage investment opportunities, closing a strategic asset deal to support Victoria’s electricity system, setting up a market trading and operations function to retail renewable electricity to Victorian commercial and industrial customers, and progressing work on a one-stop shop to help Victorians go electric. It includes investments in the people and systems required to deliver on our mandate.

In 2024-25, SEC saw an increase in net assets of $336.7 million, highlighting the company's commitment to invest in large scale renewable generation and storage. SEC reported a statutory loss after tax of $6.8 million, reflecting the company’s investments in market readiness and a range of pre-revenue activities across its strategic objectives. SEC commenced generating revenue from 1 July 2025 when it entered the market as an electricity retailer, covering 5 per cent of the state’s electricity use.

SEC will unlock new revenue streams across the 2025-26 financial year as the Melbourne Renewable Energy Hub enters commercial operation, and with the launch of its consumer one-stop shop in 2026.

Strong progress against our strategic objectives:

Renewable energy assets:

SEC has made strong progress across our asset portfolio, with the Melbourne Renewable Energy Hub (MREH) reaching 84% completion as of 30 June 2025. One of the world’s biggest batteries, MREH will strengthen Victoria’s electricity system when it comes online later in 2025.

SEC’s second major asset, the SEC Renewable Energy Park – Horsham, was announced in November 2024 and achieved 24% completion in its first six months of construction. It is due to be commercially operational in 2027.

In total, SEC is now constructing 819 megawatts of new generation and storage capacity – nearly 20% of our 2035 target.

Retailing renewable electricity:

In 2024-25, SEC invested strongly in building our organisational capability to become an energy retailer, setting up market trading and operations functions and securing licences to retail renewable electricity to commercial and industrial customers (including government operations) and trade on the energy market.

Through our retail contracts with the Victorian Government, we onboarded over 4,000 government sites and entered the market at scale, powering 5% of Victoria’s load from 1 July. This work continues as we expand our retail offering to commercial and industrial customers throughout the coming financial year.

Supporting households to electrify:

In 2024-25, SEC ran a series of pilots to support households to make the switch to electric appliances, including the launch of an electric home planner and building a network of SEC-endorsed installers.

These pilots helped identify barriers to home electrification and a desire among households for a trusted source of information and strong support for SEC help. The insights are informing development of SEC’s ‘one-stop shop’, which simplifies the process of going electric, helping Victorians reduce their energy bills and emissions. This was backed by a statewide education campaign.

Building the renewable energy workforce that the transition needs:

In the past year, SEC engaged 3,800 students and developed a comprehensive student education program to inform, inspire and empower them to take part in the energy transition, giving practical examples of jobs and career pathways.

Our investments in solar, storage and other projects have created 1,345 rewarding job and training opportunities to date, including more than 70 apprentice and training opportunities.

Delivering a renewable energy future for Victorians

SEC is owned by Victorians, which puts public purpose at the heart of everything we do.

While the company continues to build towards profit, these significant investments will deliver value to Victorians over time through sustainable economic returns, while enabling the market and providing tangible benefits to the community.