Pacific Hydro welcomes PUP support for renewable energy target

8 July 2014

Pacific Hydro has welcomed Clive Palmer’s confirmation in his address to the National Press Club yesterday that his Palmer United Party will support the renewable energy target in its current form – 41,000 gigawatt hours by 2020.

Lane Crockett, Executive General Manager Australia, Pacific Hydro said it was encouraging to see that the Palmer United Party recognises the long term benefits of a fixed renewable energy target.

“The renewable energy target is set to lower electricity bills in the medium-long term, resulting in a cheaper and cleaner energy future for Australia,” Mr Crockett said. “It is also supressing wholesale electricity prices by keeping supply side pressure on the market, while helping to shield consumers from the rising price of gas.

“The renewable energy target has enjoyed bipartisan support from Australian Governments since 2001 and we are pleased that the new Palmer United Party senators have expressed support for the existing renewable energy target.

“This policy has delivered more than $18.5 billion dollars in investment, over 24,000 Australian jobs and the reduction of 22.5 million tonnes in carbon emissions since 2001.

“Mr Palmer’s support for the renewable energy target highlights the critical importance of this policy for Australia and provides a measure of certainty for the renewable energy industry.”

Pacific Hydro currently has over 850MW of operating hydro and wind assets and a further 2,000+MW in our project development pipeline across Australia, Brazil and Chile. Our operating assets abate an estimated 1.5 million tonnes of greenhouse gas pollution every year.