Senvion Australia welcomes Labor's compromise position on the RET

Senvion  Australia  today  welcomed  Labor’s  announcement  to  put  a  Renewable  Energy  Target (RET) of 33,500 GWh by 2020 on the negotiating table.  While this is significantly lower than the current target of 41,000 GWh, a stalled clean energy industry is now desperate for policy clarity.

Chris Judd said:
"The RET review has dragged on for over a year, resulting in significant damage to investor confidence.  If a reduction in the RET to 33,500 GWh is the only way to achieve bipartisan support for renewables in Australia, then we can see no other way forward for the clean energy industry."

While global investment in clean energy is hitting record highs, investment in Australian renewable energy projects has dried up.  Without a healthy market for clean energy in Australia, companies like Senvion will be forced to look overseas for the next investment opportunities.

Chris Judd said:
"We are close to finishing work on wind farms financed before the RET review.  We urgently need a resolution to the current impasse on renewable energy otherwise our operations in Australia will be under threat.  Major developments, like the $1.5 billion Ceres project in South Australia will not proceed while the future of the RET remains uncertain."

Labor's move to a compromised renewable energy target of 33,500 GWh takes Australia a step towards  a  clear  policy  for  clean  energy.   

It  is  now  up  to  the  Government  to  urgently  restore bipartisan support for an effective RET in order to save the renewable energy industry in Australia.

Senvion Australia welcomes  Labor's  compromise position on the RET (PDF, 75 kBytes)