Earlier this month, the Federal Government’s review into the energy Industry was released. An independent report put together by respected scientist Dr. Alan Finkel, discusses the future of Australia’s energy and has been received with a mixed response from the many stakeholders involved in powering our nation. One of the more interesting proposals to come out of the review is that of a transition towards to Clean Energy Target to put downward pressure on electricity prices. It a very broad sense, this means electricity suppliers will need to source a portion of their power generation from renewable or low emission technologies and further encourage the uptake in renewables.
With the 2020 RET less than three years away from being fulfilled, some long-term decision making and planning is now needed. With the recent reduction in the RET in 2015 and the price of power steadily increasing, strong and proper management of the energy sector is vital. Whether this is through the proposed Clean Energy Target or by another measure, Dr. Finkel concludes that business, as usual, is not an option.
Although findings of the review are too large to go into detail here, we will keep you updated with industry and political movements that impact the Clean Energy sector as they unfold. Having been involved with the markets that drive investment and facilitate the uptake in renewables for almost 7 years, Emerging Energy is dedicated to the future of our industry and supports any measures that drive Australia to a low carbon economy, fuelled by clean and renewable technologies.
Full details of the review can be found here http://www.environment.gov.au/energy/national-electricity-market-review with more to come as it continues to be debated in parliament in the coming months.