Face of Nation : Power prices could continue to rise if Australia’s renewable energy target isn’t replaced, the Clean Energy Council fears. In a briefing paper released on Wednesday the group shows investments in new renewable energy projects has plunged this year, after reaching a high in late-2018.
The figures come about a week after Australia met its 2020 renewable energy target, which the federal government has no plans of extending. Under the target, 33,000 gigawatt-hours – or 23.5 per cent – of Australia’s electricity will come from renewable sources by 2020.
Clean Energy Council CEO Kane Thornton fears future investments will drop off without a new target, which could lead to higher power prices and risk the reliability of electricity.
“Investors have been forced to balance their record enthusiasm for Australian wind and solar projects with a lack of national policy, growing threats of government interference in the energy market and a range of out-of-date regulations,” he said.
“With Australia’s coal-fired power stations ageing rapidly, it is essential new clean energy projects are built now to ensure lower power prices and improved reliability when these old clunkers retire from service.” Although it hasn’t returned to parliament, the coalition plans to revive its so called “big stick” legislation which threatens to break up energy companies if they are found to be jacking up prices.
