Low Head Wind Farm
public information
Dick Warburton handpicked by Prime Minister Abbott to head RET review
As legislated, the Renewable Energy Target (RET) is to be regularly reviewed by an expert panel to ensure the objectives of stimulating renewable energy growth within Australia is occurring. Usually this task would fall under the relevant Minister’s Department (Environment or Energy), however Prime Minister Abbott has decided to handpick the Chairperson and have the Review Panel report directly to him, bypassing the current Minister of Environment (Greg Hunt).
This review, and the RET as a whole, is of critical importance to the renewable energy industry because it determines the ‘demand’ for Large-scale Generation Certificates (LGCs) which all registered renewable energy generators create during their operation. LGCs are then traded at market-based prices to ensure liable parties – such as retailers – receive their necessary percentage of renewable energy.
For reference, LGCs usually make up ~50% of a wind farm’s revenue, and under current legislation remain in effect until 2030 (so wind farms must be constructed as soon as possible to take advantage of this incentive).
Today, our Prime Minister has revealed that he’s selected noted climate sceptic Dick Warburton as the panel’s Chairperson. This is indeed an insight into our current government’s perception of renewable energy.
If you are interested in this story, I recommend a Google search on Dick Warburton, RET Review Panel and Large-scale Generation Certificates.
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