17 February 2014
The Federal Government today announced the beginning of their review of Australia's Renewable Energy Target (RET), with an emphasis on evaluating its effectiveness and cost.
The Sustainable Energy Association of Australia (www.seaaus.com.au) believes this is an opportunity for the renewable energy industry to reiterate the substantial benefits a stable target has delivered - and will continue to deliver - to the Australian economy.
"The fixed renewable energy target has enjoyed bipartisan support for good reason since its inception under the Howard government. The RET represents over $18 billion dollars of investment, and has been a critical factor in creating a new, growing industry that is a competitive advantage for Australia," SEA Chief Executive Kirsten Rose said today.
The Terms of Reference for the RET review were released today, with Industry Minister Ian Macfarlane saying the review will consider the contribution of the RET in reducing emissions, its impact on electricity prices and energy markets, as well as its costs and benefits for the renewable energy sector, the manufacturing sector, and Australian households.
The Sustainable Energy Association is confident that the review will demonstrate that the benefits of the RET far outweigh the costs, which have been estimated to be less than five percent of an electricity bill.
"The RET encourages a diversity of energy sources and encourages us to capitalise on Australia's natural renewable resources. It is also helping push down the wholesale cost of electricity, which is a positive outcome for everyone, including industry," Ms Rose said.
"We're looking forward to participating in the Government's ‘open and transparent' process," says Ms Rose. "The renewable energy industry can demonstrate that the RET delivers a powerful outcome: jobs and investment, together with clean energy at lowest cost. That combination of benefits will be particularly attractive to Australians right now."
Kirsten Rose, CEO
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