By David Mark
“What we really wanted to look at was who really benefits, and what we find is that, if you wind back the Renewable Energy Target, coal generation gets increased share and those big companies, of course, therefore get more profit,” said Erwin Jackson from the Climate Institute.
“There’s a number of factors, including low wholesale electricity prices and the uncertainty surrounding the Renewable Energy Target.
“And this really is the problem we face in the 21st Century in Australia is the transformation of the energy sector, and our concern with the RET, as it’s currently set now, is that it simply doesn’t work - that we’re not seeing investment in renewables behind it.
“That’s what we’ve really highlighted in the report today - that if you do wind back renewable energy investment, consumers don’t benefit, the country doesn’t benefit,” added Mr Jackson.
He says the RET had offered an attractive price for renewable energy, but this advantage had been eroded due to uncertainty over the future of the policy.
Matthew Warren, the chief executive of the Energy Supply Association which speaks on behalf of electricity companies, takes issue with the Jacobs modelling.
Read more here: ABC