There’s something uncanny about the relationship between rocketing power prices and renewable energy: ask a German, Dane or South Australian.
Despite some recent propaganda efforts suggesting that South Australians are currently enjoying 1970s power prices, Australia’s renewable energy capital still pays the world’s highest power prices – thanks to its ludicrous 50% Renewable Energy Target.
The subsidies for large-scale wind and solar under the Federal government’s Large-Scale RET will total more than $60 billion over the life of that scheme: the Renewable Energy Certificates issued under the LRET have already added more than $15 billion to power bills, so far.
And then there’s the billions in taxpayer’s money ladled out by the Clean Energy Finance Corporation in soft loans to wind and solar power outfits, as well as billion dollar gifts and grants from the ARENA fund, eagerly lapped up by renewables rent seekers.
Australia’s renewable energy debacle has…
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