Antinuclear

Australian govt planning a hatchet job on renewable energy

RET Review Threatens Massive South Australian Wind Farm http://www.energymatters.com.au/index.php?main_page=news_article&article_id=4246   2 April 14, South Australia’s largest wind farm project has been threatened by the Federal Government’s Renewable Energy Target review says the developer.

In February this year, the green light was given for the 197-turbine 600MW Ceres wind farmdevelopment. The facility is expected to generate $1.5 billion in economic benefits and provide enough power to supply 225,000 homes or equivalent to 14 per cent of South Australia’s electricity demand.

Developer Senvion Australia wants to start construction early next year and have the facility operational by the end of 2016, but says the RET review is creating difficulties in gaining investor confidence.

“The RET review has already seen investment stall right across Australia because of the continuing uncertainty,” said Senvion Australia managing directorChris Judd. “This is frustrating for our business, as we see enormous opportunity here.”

Last month, Spanish wind power firm Acciona placed three projects in Victoria with a collective value of $750 million on hold due to uncertainty over the future of the RET.

The battle to save the RET has been one of hearts and minds; an effort made more difficult by the stream of misinformation about the cost of the Renewable Energy Target.
For what it delivers, Australia’s Renewable Energy Target provides good valueand overall only represents 3.5% – 5% of an average power bill; an amount that will further decrease in the years ahead should the RET be left unaltered.

The RET has generated more than $18.5 billion in investment and created more than 30,000 jobs so far. If it is left unchanged, approximately 30,000 more jobs will be created and another ~$18.7 billion in investment will occur.

However, given the makeup of the RET review panel, there are fears of a “hatchet job” in progress and the RET will be substantially changed or abolished altogether.

April 2, 2014 - Posted by Christina Macpherson | General News