Victoria’s energy network will return to public ownership with the revival of the State Electricity Commission and sources will be 95 per cent renewable under a re-elected Labor government.

The state’s aim of 50 per cent renewable sources by 2030 has also been increased to 65 per cent.

Premier Daniel Andrews and Energy Minister Lily D’Ambrosio revealed the new goals on Thursday at a press conference in Melbourne.

“Big energy companies want to offshore profits – we want to offshore wind,” Mr Andrews said in a statement.

“Renewable energy is the future; it’s good for our climate, good for lower power bills and good for jobs.”

The electricity commission will be 51 per cent owned by the Victorian taxpayer, with the super industry seen as the government’s preferred investor for the 49 per cent minority stake.

“One power station is closed. Many smaller power stations will take its place. Those power stations won’t be for profit,” Premier Daniel Andrews told reporters.

The state will spend $1 billion to deliver 4.5GW through renewable energy projects.

The Victorian network was privatised in the 1990s by the Kennett Liberal government.

– AAP