Victoria Commits to 60% Renewable Energy

 

July 24, 2006

"The Victorian Government has responded positively by developing a strong and robust market-based mechanism to drive investment that will ensure that we meet nearly 60% of the growth in Victoria's future power needs with new renewable energy projects," said Ric Brazzale, Executive Director of the BCSE.

"The target of 3,274 gigawatt hour (GWh) of renewable energy by 2016 will provide enough clean, renewable electricity to power over 520,000 Victorian homes -- at a cost of just four cups of coffee per family a year," said Brazzale.

"It will drive substantial investment -- over $2 billion -- into major power infrastructure projects throughout the state and create thousands of new jobs, most of these in rural and regional Victoria," he added. The Victorian announcement comes at a time when there is little demonstrated private sector investment in power generation in Australia.

"The potential future greenhouse liability on fossil fuel power generation is creating uncertainty in decision making by the private sector capital market," Brazzale said.

The Australian BCSE represents a diverse Australian membership of 260 small, medium and large businesses in wind, solar, hydro, bioenergy, geothermal, cogeneration, energy efficiency and gas-fired generation.