Renewable Energy Target drives power bills down and investment up

30 April 2014

Pacific Hydro has welcomed modelling work commissioned by the Clean Energy Council and conducted by specialist energy consultants, ROAM consulting, that clearly shows Australia is on track for a cheaper and cleaner energy future.

The report finds that the 41,000 gigawatt hours (GWh) Renewable Energy Target (RET) drives power prices down in the medium to longer term delivering real benefits to all Australians. The modelling has been released in the middle of a government review into the RET.

“This report backs up the findings of the some recent work by global energy specialist firm Schneider, commissioned by big energy users, that was released a couple of weeks ago”, said Mr Lane Crockett, Executive General Manager Australia for Pacific Hydro.

“Both the Schneider and ROAM modelling has found that the 41,000GWh RET delivers lower costs to consumers in the longer term and results in huge regional investment expected to be in the order of $14.5 billion out to 2020 for large scale developments.”

The government review into the RET target will examine all aspects of the target. Rumours of what the outcome of the review could be include that the target could be significantly reduced or completely scrapped.

“Removing or reducing the RET will result in a lost opportunity for all Australians to access cheaper and cleaner energy,” said Mr Crockett. “Significant changes to the RET would also result in major impacts to both the way Pacific Hydro can run its operating projects and our ability to build our development sites. This would have huge implications for regional investment, jobs and potentially our ability to deliver $240,000 in annual community grants,” said Mr Crockett.

The current review of the RET is open for submissions until May 16. Submissions are invited from community members, organisations and businesses.

“Anyone can make a submission to the RET Review and put their view forward about the target. Simply send an email by May 16 to RETReview@pmc.gov.au,” added Mr Crockett.

Pacific Hydro has added information to its website with details about the Review, links to the government website and how to make a submission.

“Pacific Hydro remains very concerned about the potential impact that a significant change to the RET could have on our projects,” explained Mr Crockett. “We will be making a submission to the Review outlining what those impacts could be if the target were to change.”

Members of the community who would like to see more, not less renewable energy are encouraged to put their views to the review panel. To find out how to get involved visit RET Review: Have your say!

A fact sheet that summarises the ROAM modelling can be found here.