Australia’s renewable energy policy has just imploded and, with it, the set-in-stone ‘certainty’ craved by renewable energy rent seekers.
Never again will wind and solar power outfits be able to rely on the bipartisan support for subsidies to renewables, critical to their ‘business’ models.
Generating power at the chaotic whims of nature’s wonder fuels means that wind and solar outfits depend (and will always depend) on a mix of mandates, targets, subsidies and penalties to force power retailers to take a product which, otherwise, has no commercial value.
As the National Energy Guarantee (effectively the Renewable Energy Target on steroids) disintegrated in the hands of Malcolm Turnbull and Josh Frydenberg, so-called ‘business groups’ (really just a front for those profiting from the greatest wealth transfer in Australian history) ranted and raved about the need for investment certainty. On their case, absent the NEG, the chaos faced by investors would equal the chaos faced by power retailers seeking to rely on wind and solar to meet their customer’s daily power needs. This, they said, would never do.