Saturday 23 August 2014

Origin shelves Vic wind farm on RET review

Wind turbines

As it awaits the outcome of the conservative Liberal-National government’s review of the Renewable Energy Target (RET), the future of Origin Energy’s $900 million Stockyard Hill wind project planned for western Victoria is under threat.

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

Manufacturing Australia Dick WarburtonThe Liberal-National government launched a formal review of Australia’s 20 per cent renewable energy target on Monday.

Heading the review is senior business figure and climate change denier Dick Warburton.

Amongst other things, the review will advise on whether the size of the target ”is still appropriate’.

Fairfax Media reports Mr King’s comments follow a poorer than expected December half earnings, with Origin’s net profit falling to $322 million from $524 million a year earlier due to intense competition and a warm winter.

Despite the decline, which was largely due to the energy markets division, Mr King said this arm of the business is now operating better than it had been.

Origin managing director Grant KingWith renewable energy, Mr King said Origin is holding a large quantity of renewable energy certificates, which may limit the need to build additional renewable energy projects until beyond 2020.

Under existing rules, 20 per cent of all power generation must be supplied from renewable energy sources, although the recent weakness in electricity demand has boosted the percentage supplied from this fuel source, which includes wind and solar energy.

Mr King said the $900 million Stockyard Hill project was originally planned to supply power from 2017, although this may slip back to beyond 2

One Comment

  1. Ian says:

    Well done again Mr Abbott,
    you seem very good at creating confusion, stalling projects and extended dole queues. Are all of the new jobs you promise going to be in Centrelink to deal with those whose industries you are collapsing?
    Let all start digging holes, China or India might buy it and we’ll have something to do!
    I can only imagine the tirade of abuse that would be broadcast about this if the governing parties were reversed.
    Sorry, pure comment.. I’m just so dismayed with this mob of environmental hackers.

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