VENCorp
| Company type | Government-owned corporation |
|---|---|
| Industry | Energy |
| Founded | December 11, 1997 |
| Defunct | July 1, 2009 |
| Fate | Functions transferred to Australian Energy Market Operator |
| Headquarters | Victoria , Australia |
| Owner | Victorian State Government |
The Victorian Energy Networks Corporation (VENCorp) was an organisation owned by the Victorian State Government, created on 11 December 1997 to ensure the effective management of Victoria's privatised electricity and gas sectors. Supported financially by participants within the energy industry, VENCorp held a significant position in overseeing the operations of Victoria's energy markets.
Functions
VENCorp was principally charged with the following duties:
- Acting as the independent system operator for Victoria's gas transmission infrastructure
- Managing and developing the wholesale gas market within Victoria
- Providing system planning services across both the electricity and gas industries
History
The Gas and Fuel Corporation served as the government monopoly supplying residential gas in Victoria from the 1950s onward. Following the discovery of natural gas in Bass Strait in 1965, this Corporation facilitated the conversion of approximately one million appliances to natural gas by 1970. In July 1994, the Gas and Fuel Corporation was divided into three separate entities: companies responsible for gas distribution and retail, a gas transmission company, and VENCorp as an independent market operator. Subsequently, under the Kennett Government, the distribution, retail, transmission sectors, along with the State Electricity Commission of Victoria, were privatised; meanwhile, VENCorp remained a government-owned body funded by industry contributions.
In 1998, after the Victorian Power Exchange was disbanded following the creation of NEMMCO and the National Electricity Market, VENCorp assumed responsibility for electricity transmission planning. When the Australian Energy Market Operator commenced operations on 1 July 2009, VENCorp’s roles were transferred to it, resulting in VENCorp’s cessation.
See also
- Energy policy of Australia
- Renewable energy commercialization in Australia
- Solar power in Australia
- Wind power in Australia
External links
- Articles with short description
- Renewable resource companies established in 1997
- Energy companies established in 1997
- Energy companies disestablished in 2009
- Defunct electric power companies of Australia
- Energy in Victoria (state)
- Companies based in Victoria (state)
- Defunct government-owned companies of Australia
- Australian companies established in 1997
- Renewable resource companies disestablished in 2009
- Australian companies disestablished in 2009