Axe the RET: Power Bills Will Soar – Bloomberg New Energy Finance
A detailed report by Bloomberg New Energy Finance shows scrapping or reducing the Renewable Energy Target (RET) would:
- Shelve $12-21 billion of investment in clean energy
- Cut 7,000‐11,000 future jobs in the wind and solar industries every year
- Lead to higher power prices for consumers as wholesale electricity costs would rise
- Deliver the big power companies $6-12 billion of extra revenue from 2015 to 2020
Bloomberg’s analysis shows that, if left untouched, the RET is expected to:
- Drive $35 billion of investment in clean energy by 2020
- Employ 25,000 workers each year in construction and operations
- Reduce emissions from power generation by 5%
- Prevent future surges in power prices by supplying electricity for 20‐25 years with no ongoing fuel costs
The study confirms what the Australian Solar Council has been saying for some time – Solar Saves Money and Creates Jobs.
Axing the Renewable Energy Target will drive up power prices and lead to the closure of thousands of small businesses and the loss of thousands of jobs.
You can find the full Bloomberg New Energy Finance report here.
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