Antinuclear

Unlike other Coalition leaders, including Prime Minister Tony Abbott, Mike Baird makes clear in his government’s submission to the federal RET review that renewable energy benefits consumers, helps energy security by diversifying sources and cuts greenhouse gas emissions.

The NSW submission notes the fixed target – now at 41,000 gigawatt-hours of clean energy sources by 2020 – last year cost households in the state about $40. That sum, though, was offset by the effect renewable energy had on driving down wholesale electricity prices, the report said. ”The RET is good for NSW consumers and households – it ultimately saves money,” said Amy Kean, the state’s renewable energy advocate, who helped prepare the submission

The state also has a lot of jobs and investment at stake – some 8395 megawatts of capacity worth about $13 billion are ”progressing through the planning system”, the report said……….

The submission says projects that have met certain conditions – such as having progressed to a financial close by a particular date – could be given special consideration in any reformed RET, ”given the significant amount of effort that has already been expended in good faith”. Further reviews should also be held only every five years to bolster certainty, the NSW government said.

Analysts such as Hugh Saddler at Pitt & Sherry warn that any tinkering of the target is likely to stall new investments.

”The problem about postponing to an undefined date [is it] makes it uncertain again as to when the investments will be required,” he said. ”Once you get away from a fixed amount of gigawatt-hours in a fixed year, you’re immediately bringing back uncertainty because it depends on demand growth.”

The declaration of support is likely to be welcomed by an industry which has few outspoken supporters in conservative ranks.

Mr Baird’s predecessor, Barry O’Farrell, did not make a submission to the previous RET review less than two years ago, and was no fan of wind farms.   http://www.smh.com.au/environment/climate-change/mike-baird-gives-backing-for-renewable-energy-target-20140528-394ri.html#ixzz33Fp4KnBR