Pacific Hydro welcomes review of the Renewable Energy Target

17 February 2014

One of Australia’s leading renewable energy companies, Pacific Hydro, welcomes the release today of the Terms of Reference for a review into the Renewable Energy Target (RET) and looks forward to demonstrating the many economic, social and environmental benefits of clean energy.

Renewable energy is one of Australia’s national strengths with the RET scheme continuing to play a pivotal role in keeping wholesale prices low and managing climate change risks, while delivering real and lasting benefits to regional communities.

“Pacific Hydro has been working with communities to deliver clean energy across Australia since 1992,” said Executive Manager of External Affairs, Mr Andrew Richards.

“We look forward to participating in the review to demonstrate the valuable role renewable energy has played in keeping wholesale energy prices low, providing new job opportunities to regional areas, and delivering social and environmental benefits to the community.”

The Terms of Reference state a broad approach to the review including examining the social and environmental impacts of the scheme including to electricity prices, manufacturing and Australian households along with the interaction of small and large scale projects.

Despite the RET having been reviewed on a number of previous occasions it has had bipartisan support since it was first introduced by the Howard Government in 2001. This has enabled strong investor confidence to deliver $18 billion in renewable energy projects to date.

“Without the RET Australia increasingly would have to rely on gas for electricity generation. Gas is predicted to treble in cost over the next decade putting more pressure on business and families,” said Mr Richards.

“The RET keeps wholesale prices down, helps to abate carbon emissions at relatively low cost and delivers jobs and investment in regional areas that need them most.

“During the review process we look forward to sharing our experience in developing and operating renewable energy projects over the last 20 years with both the RET review panel and the broader community,” added Mr Richards.