Antinuclear

Drop in Australia’s wholesale energy prices: success of Renewable Energy Target

Renewable energy target succeeding: report THE AUSTRALIAN, : AAP October 25, 2012 AUSTRALIA’S renewable energy target (RET) has driven $18.5 billion of investment in clean power and eroded wholesale energy prices since it was introduced a decade ago, a new report suggests.

The Clean Energy Council analysis released on Thursday finds wholesale prices are as much as $10 per megawatt hour lower as a result of the RET being in place since 2001.

The target is meant to ensure 20 per cent of Australia’s electricity comes from renewable sources by 2020. It’s currently being reviewed by the Climate Change Authority amid speculation that softer demand and the popularity of rooftop solar
panels means the 20 per cent target may be exceeded….. “Retaining
the current RET will also mean we can meet the bulk of our target for
reducing carbon emissions with renewable energy projects right here in
Australia,” council chief executive David Green said in a statement on
Thursday.

“But all this is under threat if governments succumb to pressure to
tinker with or drop the renewable energy target.”

Thursday’s report suggests that without the RET Australia would not
have met its Kyoto emission-reduction goals.

It suggests the target could deliver an extra $18.7 billion in
renewable energy infrastructure by 2030, on top of the $18.5 billion
already invested.
http://www.theaustralian.com.au/news/breaking-news/renewable-energy-target-succeeding-report/story-fn3dxiwe-1226503189958

October 25, 2012 - Posted by Christina Macpherson | General News