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Renewable Energy Target - It's time to realise Australia's opportunity

01/09/2014

The release of the Warburton Review this week confirms the Renewable Energy Target has delivered important economic, social and environmental benefits to Australia.

The release of the Warburton Review this week confirms the Renewable Energy Target has delivered important economic, social and environmental benefits to Australia, including:

  • Significant investment and jobs in regional and rural Australia;
  • Lower wholesale energy prices;
  • Increased competition in the Australian energy sector; and
  • Substantial reductions in Australia’s carbon emissions.

Importantly, the economic modeling in the Review clearly shows that if the Renewable Energy Target is reduced or removed, there will be no change in household electricity bills. In fact, over the long term, household electricity bills will increase if the Renewable Energy Target is scaled back or removed.

Managing Director of ACCIONA Energy, Andrew Thomson said, “It is clear from the results of the Warburton Review that it is not in the interests of Australian consumers to reduce or remove the Renewable Energy Target. Consumers would be worse off.”

“The review of the Renewable Energy Target was all about the impacts on electricity prices.  It is clearly evident from the analysis that consumers are better off with the competition that this policy brings to the electricity sector. That being the case, we do not believe the Federal Government has a case to accept the Warburton Review’s recommendations,” Mr Thomson said.

Ninety nine percent of the 24,000 submissions to the Federal Government’s review of the Renewable Energy Target are in favor of maintaining or enhancing the Renewable Energy Target.

“We encourage the Federal Government to take this feedback from a wide cross-section of Australians on board. Clearly renewable energy is very popular in this country and Australians would like to see more of it.”

Australia is blessed with some of the world’s best wind and solar renewable energy resources. 

“The Renewable Energy Target is essentially delivering what it was established to do.  It is driving investment in renewable energy, transforming our energy sector and reducing Australia’s dependency on emissions intensive energy generation,” Mr Thomson said.

ACCIONA is one of the world’s largest renewable energy businesses, headquartered in Europe and with renewable energy assets in 16 countries around the world. 

Mr Thomson said, “If the Warburton Report’s recommendations are adopted it will reduce competition in the electricity sector and see a rise in power prices in the longer term. It would remove the only policy that Australia has in place that reduces carbon emissions, and result in the loss of thousands of jobs across the sector.”

“None of the options presented by the Warburton Review are in any way workable for current or future renewable energy investors.  We remain hopeful that the Federal Government will respond to this review process in a way that restores long term stability to Australia’s energy sector.”

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