Investors representing $1 trillion lobby Abbott to keep Renewable Energy Target
Investors lobby PM on renewable energy http://www.investordaily.com.au/36340-investors-lobby-pm-on-renewable-energy 01 October 2014 | Staff Reporter A group of institutional investors representing $1 trillion has accused the prime minister of undermining the Renewable Energy Target.
In an open letter to Prime Minister Tony Abbott published in the Australian Financial Review, the Investor Group on Climate Change argued that the savings of more than 10 million Australians are invested in a “clean energy future”.
“The health of our economy is vitally dependent on investor confidence in government and the stability of its policies,” the letter said.
“For years we’re been investing the savings of Australians in projects on the basis of bipartisan support for boosting renewable energy,” it said.
“This is now at risk. Our investments, together with skilled industries and jobs that the Renewable Energy Target is creating, are at risk due to the uncertainty of your government’s commitment to the legislated 41,000 giga-watt-hour target.”
Australia ought to be growing renewable energy rather than “stepping back” from its international commitments, said the letter.
“Investors need predictable long-term policies to be confident to make investments in the energy sources of the future,” it said.
“This environment requires bipartisanship on the need for more renewable energy, not less. We encourage you not to change that now,” said the letter.
The Investor Group on Climate Change includes AustralianSuper, BT Financial Group, AMP Capital Investors, Colonial First State Global Asset Managers and Cbus among its members.
International Energy Agency predicts dramatic fall in solar energy costs
Solar costs heading to 4c/kWh, rooftop solar seen “unbeatable” REneweconomy. By Giles Parkinson on 30 September 2014 The highly conservative International Energy Agency predicts the cost of solar energy will fall to around 4c/kWh in coming decades as the sun becomes the dominant source of power generation across the world.
As we reported yesterday, the IEA now expects solar to become the biggest single source of energy by 2050 and has now doubled its forecast capacity for solar PV.
Rooftop solar, it says, will now account for one half of the world’s solar PV installations, because as a distributed energy source the technology is “unbeatable”.
On costs, it says all solar technologies will fall dramatically in coming decades, with solar PV falling to as low as 4c/kWh, utility-scale solar to around the same level, and solar thermal with storage will fall to as low as 6.4c/kWh.
As this graph [in original] below shows, the minimum price tends to occur in regions with great sunshine, and it also assumes a low capital cost of around 8%……..
The forecasts from the IEA are not the most dramatic that can be found, but they are significant because the IEA is essentially a conservative organisation that was created in the 1970s to defend developed countries’ access to fossil fuels
It has a history of underestimating the impact of new technologies such as solar, as we pointed out in this article – even though it has doubled its forecast for solar PV deployment in just the last few years. Other agencies, such as IRENA, have a much more bullish forecast for solar……http://reneweconomy.com.au/2014/solar-costs-heading-4ckwh-rooftop-solar-seen-unbeatable-74425
A $1.5 BILLION wind farm in jeopardy, as Australian govt plans slashing RET
Renewable Energy Target review leaves wind power in doldrums: Senvion http://www.theaustralian.com.au/national-affairs/climate/renewable-energy-target-review-leaves-wind-power-in-doldrums-senvion/story-e6frg6xf-1227074429666 THE AUSTRALIAN SEPTEMBER 30, 2014 A $1.5 BILLION wind farm, slated to be the largest in Australia, is at risk from potential changes to the national Renewable Energy Target, the proponent says.
Senvion Australia chief executive Chris Judd said the 197-turbine Ceres wind farm proposed for the Yorke Peninsula would be jeopardised if the federal government adopted changes proposed in the Warburton review.
The Abbott government is yet to finalise its response to the RET review overseen by businessman Dick Warburton, which recommended either closing the program to new entrants or moving to a demand-limited scheme that was reviewed each year.
A spokesman for Environment Minister Greg Hunt said the government would not make any changes that would adversely affect companies that had already invested in the sector.
Mr Judd said if changes removed the revenue stream for renewable energy, significant investment would be at risk. “We are still progressing with the project, but there is a cloud over it in regards to the Renewable Energy Target policy. We need the policy framework to be able to create an investment environment where people would view investment in renewable energy favourably.
“There is no logic in what has been put forward to make the case for change — the review confirms that the policy is working, creating jobs and lowering emissions.”
The wind-farm project, which will underpin 500 jobs, is among $4.5bn worth of investment in South Australia that Premier Jay Weatherill says is stalled as a result of the federal review.
“We have billions of dollars worth of investment queuing up waiting to occur, but it is stalled because the commonwealth government in an extraordinary act has decided to review the Renewable Energy Target,’’ he said.
Mr Hunt’s spokesman said the government was not scrapping the RET. “The government will not make changes that will impact those who have already made an investment — small or large — under the RET,” he said.
Brad Davy, a Senvion technician, said the Snowtown wind farm 150km north of Adelaide had supported many local jobs. “It’s been good for everyone, “ he said.
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