The future for big brown coal generators looks bleak if Victoria meets its ambitious renewable energy target. It could force the closure of Hazelwood before 2020.
Tag: "renewable energy target"
Victorian govt to use reverse auctions to reach 40% renewable energy by 2025, underlining the policy divide between Labor and conservative governments. The target will require 5,400MW of new wind and solar capacity to be built in less than a decade.
Australian company ESCO Pacific says nearing construction of 135MW solar farm in Ross River, and has 3 more projects in works – all larger than 100MW and all plugging into Qld network.
Clean Energy Regulator says half of the 6000MW needed to meet Australia’s 2020 Renewable Energy Target must be committed this year – that’s 30 more Clare Solar Farms.
Labor’s climate and clean energy commitment – including zero carbon target by 2030 – forces Turnbull government into Abbott-era scare campaign on prices. This, as Bloomberg New Energy Finance says Australia should be even more ambitious in short term and aim for 63% cut in emissions by 2030.
CEFC steps into funding gap for renewables projects, teaming up with institutional investors to create a new $1bn financing pool.
Without a staggering run of project commitments in the coming months, penalty payments for missing the renewable energy target appear inevitable in 2017.
The 175MW White Rock wind farm to begin construction this month, the first big project to get go-ahead since Coalition reviewed the RET. Even Barnaby Joyce says he is happy.
Friends of the Earth report says Victoria could achieve a renewable energy target of 30 per cent by 2020 just by maintaining current solar installations and wind energy pipelines.