The recent Renewable Energy Target (RET) will open several opportunities for over $10 billion investment, said General Electrics.
The newly discovered RET of generating 33, 000 GWh of electrical power from massive renewable energy projects by 2010 will “create thousands of new jobs and grow the order book of hundreds of companies”, GE’s Australia Chief, Geoff Culbert, indicated in an email conversation on Wednesday, 24 June 2015.
The legislation passed on Tuesday 24 June 2015 has eased the concerns of many industries after renewable energy investment in the country was halted due to the dispute regarding the new level. It is noted that the windfarm industry gained the highest recognition of the RET.
The previous 41, 000 GWh target which was established in 209 to cut on fossil energy by increasing renewable energy development to 20% of the wholesale electricity market by 2020, could not materialize.
Tony Abbot, who described windfarms as ugly and noisy, has ushered his government to drop the carbon emissions price and is about to make public a pos-2020 goal to decrease greenhouse gas emissions.
ChiefExecutive of Energy Supply Association, Matthew Warren indicated that even if industry will gladly appreciate the RET deal, it still requires clearness on the carbon emissions reduction target.
“When we surveyed major banks at the end of last year, they confirmed that investor confidence in Australia’s generation sector was at an all-time low,” Matthew Warren said.
“The revised RET will continue to force new generation into a market with weak demand and chronic oversupply. Financing this investment is likely to remain challenging.”
Jason S. and James P.,June 24, 2015. New renewable energy target to unlock $10b worth of deals, GE says: http://www.globalnrgnews.com/new-renewable-energy-target-to-unlock-10b-worth-of-deals-ge-says/. Accessed 25 June 2015
AUTHOR: DOUGLAS YEBOAH