Renewable Energy Target (RET) policy analysis
A new study released shows future power prices will be lower with Australia’s Renewable Energy Target in place than they would be if it was removed, the Clean Energy Council said. Clean Energy Council Chief Executive David Green said removing the Renewable Energy Target means households would pay more than half a billion dollars a year extra for electricity in 2020, and up to $1.4 billion more each year beyond that. This means the average household would pay approximately $50 extra per year for their power bills by 2020 if the Renewable Energy Target was scrapped – and up to $140 per year more beyond then, Mr Green said. This study shows that the Renewable Energy Target is holding electricity prices lower over the long term by minimising the use of increasingly costly gas for electricity generation.