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23 June 2010
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Hydro Tasmania applauds RET amendments
Hydro Tasmania has welcomed the passing of legislations to enhance the Renewable Energy Target (RET).
The legislation, which separates the RET into small scale and large scale schemes, should ensure ongoing incentives for small-scale technologies while re-stimulating the growth in large scale investments in renewable energy that commenced under the original measure.
Hydro Tasmania CEO Roy Adair, said today’s legislation should restore the integrity of the RET and ensure renewable energy projects are now more commercially viable.
“The Federal Government is to be commended for working with industry to address concerns.
By addressing these critical policy issues, the RET can now unlock the massive renewable energy potential around Australia.”
Hydro Tasmania is confident the expanded RET will unlock massive pent up investment in renewable energy projects throughout Australia that will help achieve 20 per cent renewable energy generation by 2020.
Mr Adair said these projects will contribute to much needed investment and jobs throughout rural and regional Tasmania and Australia, as well as contributing to energy security and greenhouse gas abatement in the Australian energy sector.
“If Australia is to achieve its greenhouse gas reduction targets, more renewable energy is essential.
“Hydro Tasmania has always been a strong supporter of the RET and we congratulate the Australian Parliament for working together to make these enhancements happen,” Mr Adair said.
The expanded RET legislation will underpin Hydro Tasmania’s investments in a range of projects, including modernisation, upgrades and enhancements to existing hydro power stations, and provide a critical foundation to enable further investment in wind developments in Australia through Roaring 40s Tasmania’s a 50 per cent joint venture between Hydro Tasmania and CLP.
The legislation for the enhanced RET should provide long-term investor certainty and deliver a higher Renewable Energy Certificate (REC) price.
“While many elements remain to finalise the business case, this will remove a significant barrier to the $400m Musselroe wind farm in north east Tasmania which is being developed by Roaring 40s – a 50-50 joint venture.”
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