Library filed under Taxes & Subsidies from Australia
A “termination for convenience” clause has been written into contracts for three new wind farms and three new solar farms selected under a reverse auction scheme as part of the Andrews government’s ambitious state renewable energy target.
Without subsidies and the ongoing presence of backup power based on fossil-fuel generation, the outlook for more renewable energy in Australia is extremely uncertain. Indeed, without the intervention of governments, the salad days for renewable energy will quickly fade, something the sector understands. That’s why the energy policy debate is so important to them — and to all of us.
The ACCC – whose chairman Rod Sims has long been a critic of the Renewable Energy Target and associated schemes – has also called for the Small-Scale Renewable Energy Scheme, which was due to run until 2030, to be wrapped up by 2021 – almost a decade earlier than planned.
Despite including lots of useless information about comparative consumption and gas emissions, energy bills don’t include the percentage of your account that has been imposed as a result of subsidies such as the Renewable Energy Target (for which we collectively paid $2.7 billion last financial year, in case you’re wondering).
While sinking enormous financial resources into propping up renewable energy prospectors, national governments are providing no perceptible benefits to their citizens, writes Judith Sloan, a renowned Australian economist who has served on the Australian government’s Productivity Commission.
Move over, Ponzi; forget Bernie Madoff; ignore Enron; and dismiss collateralised debt obligations associated with subprime mortgages. Without a doubt, the biggest scam perpetrated against taxpayers and consumers is renewable energy. And if you think this scam is just an Australian phenomenon, think again. With very few exceptions, governments all over the world have fallen into the trap of paying renewable energy scammers on the basis that it is necessary, at least politically, to be seen to be doing something about climate change.
Victorian taxpayers will cough up hundreds of millions of dollars to help pay for the Andrews government’s upcoming solar and wind farm auction. ...The move will punch a $250-350 million hole in the state Budget, and experts warn the full cost could be much higher.
Wind power generators received $600 million in federal subsidies last year, helping to drive an increase in electricity prices for consumers. Data collated by Australian Power Project, which advocates a sustainable national energy policy, showed $588.7m was paid to wind farm operators.
In a statement to the stock exchange, ERM said the price for the large-scale generation certificates had more than doubled to nearly $90 each, while the penalty to the regulator was valued at $65 per certificate.
The market price of the subsidy households end up paying to wind farms has surged by up to 270 per cent in just two years. A grab-bag of green schemes is expected to add between $90 and $190 to power bills in 2016-17 depending on where consumers live.
Chris Back called for a moratorium on new wind farms, and no more subsidies for wind energy generators until the Productivity Commission conducted a cost-benefit analysis of the effect the industry was having on the National Electricity Market and retail electricity costs.
Some 4850 megawatts of wind farms and solar power plants need to be installed to meet the deadline, with most expected to be built in NSW, Queensland and Victoria, the research firm found. It calculates that though $340 million of investment has been committed to new projects, another $10 billion is needed.
A unique set of circumstances gave Turnbull the keys to Kirribilli House, but he didn’t want them, he decided to stay in his far nicer house at Point Piper while he does his filthy global warming deals with the Greens in exchange for economic reform.
In its recommendations, the committee says renewable energy subsidies for new wind farms should be limited to five years from more than 20. It also wants the issue of renewable energy certificates restricted to projects in states that adopt federal regulations on infrasound and low frequency noise.
An Australian state-owned electricity firm will defy Prime Minister Tony Abbott and seek funding for a new wind farm hub from the government's Clean Energy Finance Corp (CEFC), adding to uncertainty in the country's No. 2 clean energy sector.
The government's latest strike against wind is expected to further scare renewable energy investors away from Australia. "While the CEFC exists, what we believe it should be doing is investing in new and emerging technologies, certainly not existing wind farms," Mr Abbott said.
The fund should be “investing in new and emerging technologies and certainly not existing wind farms,” Prime Minister Tony Abbott later told reporters in Darwin. His government’s policy is to eventually abolish the fund, he said. Last month, the government outlined plans to appoint a commissioner to oversee wind farms and is backing research into whether they damage people’s health. Abbott has labeled wind farms as ugly and noisy.
Tony Abbott has dramatically escalated his war on wind power, creating a new cabinet split and provoking a warning he is putting international investment at risk.
Trade minister confirms Clean Energy Finance Corporation will no longer invest in wind projects ...The independent senator Nick Xenophon, who is part of the select Senate committee into wind turbines, welcomed the announcement, providing the funding was put into other projects like solar.
Australian Federal Senator John Madigan delivered this powerful speech before the Senate during its deliberation of Renewable Energy (Electricity) Amendment Bill 2015, a bill that would lower Australia's national target for renewables. In his speech he cites the high cost of supporting the wind industry and the hypocrisy of claims that wind energy lowers electricity rates. His speech is provided in full below and can be accessed at the links on this page.