In the absence of endless subsidies, the wind and solar ‘industries’ would disappear in a heartbeat, which is precisely how things are panning out for renewable rent seekers in Australia.
The idea that there is a natural market for electricity that can’t be delivered as and when it’s needed, is pure nonsense: hence the massive subsidies.
Now that the mandated annual target set by the Federal Large-Scale RET has been met in substance, no new subsidies will be available from here on.
To avoid punitive financial penalties under the LRET, retailers need only purchase and acquit sufficient Renewable Energy Certificates (aka ‘LGCs’) to satisfy the 33,000 GWh annual target set for 2020, an annual target which runs until 2030.
With most retailers already signed up to long-term Power Purchase Agreements to secure the required RECs, and the wind and solar outfits on the other side of the ‘bargain’ having…
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