Australia ’ s RenEWAble Energy Future in JEOPARDy
‘ If the 41,000GWh target is reduced , or moved out past 2020 , existing wind farms , bagasse plants , hydropower and largescale facilities will suffer financial distress and the potential for financial failure ’
said . “ A significant reduction to the scheme would damage Australia ’ s reputation as a safe place to invest not only in clean energy , but in all forms of infrastructure .”
Supporters of the review propose to scale the RET back to 25,000GWh or 30,000GWh . Some even believe that the RET should be scrapped altogether , with incentives offered strictly to existing generators . The review , commissioned by Prime Minister Tony Abbott , was reportedly initiated due to concerns that the current policy would lead to increased power prices .
“ We have to accept that in the changed circumstances of today , the renewable energy target is causing pretty significant price pressure in the system and we ought to be an affordable energy superpower … cheap energy ought to be one of our comparative advantages ,” Abbott said in December .
However , those opposing the review are quick to cite modeling that challenges Abbott ’ s theory .
ACIL Allen Consultants , whom Abbott hired to conduct modeling
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