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RET Watch: Uncertainty stalls wind farm investment

Screen Shot 2013-08-31 at 11.06.12 AMPolicy uncertainty has stalled Australia’s transition to renewable energy for years, and the Renewable Energy Target review announced on February 17 looks set to continue this worrying and regressive trend. 

The Abbott government’s RET review has forced Origin Energy to hold off building its Stockyard Hill wind farm. The energy company must wait until the RET review is released and government’s response before advancing the project.  

Climate Spectator reports:

Origin Energy will delay a decision on its $900 million Stockyard Hill wind farm in Victoria until after the release of the review of the Renewable Energy Target, Fairfax Media reports.

The review, being headed by climate change sceptic Dick Warburton, a former Reserve Bank board member and head of industry group Manufacturing Australia, will review the mandated 41,000 GWh target by 2020 and report to the government mid-year.

”The project is ready to go,” Origin Energy’s managing director Grant King said, according to Fairfax, ”but it depends on the RET review.”

Mr King said the company was holding enough renewable energy certificates that it was able to limit the build of new clean energy projects until beyond 2020, Fairfax reports, with Stockyard Hill being able to be pushed back from a 2017 start to after 2020.

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