South Australian Government Gives RET Report A Thumbs Down

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South Australia’s Sustainability, Environment and Conservation Minister Ian Hunter has condemned the recently released Renewable Energy Target Review report.

“The South Australian Government opposes any move by the anti-science Abbott Government to scale back the RET,” said Minister Hunter.

“We are concerned that this Federal Government, which appears to fly against the accepted, worldwide consensus on climate change, will make an ill-considered and ideological decision on this very important issue.”

South Australia has shown renewables work. 31.7% of the state’s electricity is generated from renewable sources – much of that from wind power. South Australia also has the highest market penetration of small scale solar power systems in the nation.

A report published earlier this year states wind power in South Australia has not increased wholesale electricity prices, nor created a need for additional back-up power generation capacity.

“We will beat our target of 33 per cent very soon, and have set an increased investment target to further cement our place as leaders in renewable energy and climate change action,” said Minister Hunter.

The South Australian government has joined a chorus of voices condemning the report and the government’s general attitude towards renewables.

Last week, Bloomberg New Energy Finance also warned of the ramifications of reducing the Target.

“A whole host of Australian and foreign companies and lenders could be exposed to asset impairments, and almost all will suffer significant write-downs in the mark-to-market value of their investments,” it said.

A reduction could negatively impact on the superannuation of millions of Australians and Australian banks are also holding nearly $900 million worth of large scale energy certificates (LGCs) connected to the Renewable Energy Target.

With so many that could be negatively affected by a reduction in the Renewable Energy Target – including households, businesses, solar workers, investors, retirees and of course the environment – who are the winners?

It seems the only ones to benefit will be the fossil fuel based power generators.