Two Big Wins For New South Wales
Following on from New South Wales’ emphatic win in last night’s State of Origin, New South Wales households can also celebrate their State Government’s support for the Federal Renewable Energy Target.
Infigen Energy, a leading Australian renewable energy company with 189MW of operating wind capacity in the State, welcomed the NSW Government’s strong support for the target outlined in its submission to the Renewable Energy Target review.
The submission recognises the important role renewable energy plays in addressing climate change, and in providing a hedge against rapidly rising fossil fuel price prices associated with the development of an LNG export industry in Queensland.
The submission also acknowledges expert analysis that there is no net cost to consumers under the RET scheme over the long term, stating that “it is recognised that for customers the scheme has headline costs associated with the price of certificates, offset by benefits through avoided higher wholesale electricity prices.”
The NSW Government acknowledged that “Australia’s RET policy reflects the global trend towards the use of renewable energy targets, which as of 2012 had been implemented in 138 countries” and that “increased renewables may mean less CCGT (gas) generation is required, thus providing a buffer for gas price uncertainty.”
The submission noted that a goal of the New South Wales Renewable Energy Action Plan is to “contribute to the national renewable energy target by promoting energy security through a more diverse energy mix, reducing coal dependence, increasing energy efficiency, and moving to lower emission energy sources.”
Miles George, Infigen’s Managing Director said, “We applaud the continuing good work of Ministers Rob Stokes and Anthony Roberts in support of a better deal for electricity consumers in NSW, and a continuing vibrant renewable energy industry in this State. NSW has world-class wind and solar resources and stands to benefit from substantial regional infrastructure investment under the Renewable Energy Target. Premier Mike Baird is to be congratulated for recognizing and promoting these economic and environmental benefits.”
For further information please contact:
Richard Farrell, Investor Relations Manager
Tel +61 2 8031 9900
About Infigen Energy
Infigen Energy is a specialist renewable energy business. We have interests in 24 wind farms across Australia and the United States. With a total installed capacity in excess of 1,600 MW (on an equity interest basis), we currently generate enough renewable energy per year to power over half a million households.
As a fully integrated renewable energy business in Australia, we develop, build, own and operate energy generation assets and directly manage the sale of the electricity that we produce to a range of customers in the wholesale market.
Infigen Energy trades on the Australian Securities Exchange under the code IFN.
For further information please visit our website: www.infigenenergy.com