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Press Release

GE seeks stable future for Renewable Energy Target

September 18, 2012

Melbourne, AUSTRALIA---18 September, 2012--- General Electric (GE) has urged the Climate Change Authority not to recommend further changes to the national Renewable Energy Target in its first biennial review.

In its response to the Climate Change Authority's Issues Paper, GE has highlighted the need for regulatory stability following wide-ranging change and corrective action taken on the RET over the last five years, as well as the current risk to some elements of the complementary Clean Energy Future package.

"While GE strongly supports the current settings of the 41,000 gigawatt hour (GWh) 2020 LRET and the interim annual targets, the frequency of amendments to the RET settings via the Renewable Energy (Electricity) Act 2000 to achieve this outcome have, until recently, made it too risky for liable entities to offer power purchase agreements. This has resulted in downward pressure on the Renewable Energy Certificate price and stalled investment in and development of large-scale renewable energy projects," Peter Cowling, the Melbourne-based GE Energy Renewables Leader for Asia Pacific said.

"Further amendments and frequent reviews would serve to generate more uncertainty, delay or make prohibitively risky any currently planned investment, and ultimately increase the cost of the RET scheme."

GE believes the maintenance of the GWh LRETs is consistent with the history of the RET policy, including the 2003 Tambling Review under the former Howard Government.

The maintenance of GWh LRETs, with the firm commitment that it will ensure the equivalent of at least 20 per cent of Australia's electricity supply to come from renewables by 2020, will provide the maximum certainty, investment and benefit for renewable energy project owners, operators, developers, investors, suppliers and employees, liable entities and consumers, as well as underpin the goals of energy security, affordability and sustainability.

"At this time, further change -- even of a seemingly minor nature - would destabilise the LRET, undermine renewed investment confidence, increase compliance costs and conflict with other complementary policies and programs," Mr Cowling said.

GE welcomes the opportunity to work with the Climate Change Authority through the next phase of its review.

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For more information, contact:

Elizabeth Rex GE Energy
+61 2 9978 8121
[email protected]

Patrick Keneally
n2n Communications
+61 2 9213 2305
[email protected]

Elizabeth Rex
Communications Director
[email protected]

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