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Independent panel review of renewable energy target

28 August 2014

Joint media release with the Environment Minister Greg Hunt

The Government has released the report from the independent panel on the review of the Renewable Energy Target (RET).

The Government welcomes the report which is an assessment of the operation of the RET and its impact on electricity prices and energy markets, as well as its costs and benefits for the renewable energy sector, the manufacturing sector and Australian households.

The RET was required to be reviewed under legislation this year and as part of a two-yearly review.  The Government committed to reviewing the RET to ensure it is working efficiently and effectively.

The report is the result of months of extensive consultation with the renewable energy sector and Australian industry. The review received over 24,000 submissions and met with more than 200 stakeholders.

The Government will consider the findings of the independent panel’s review in the context of the costs and benefits of the scheme, the impact on electricity prices and markets and sovereign risk issues.

The Government will announce its response to the report in the coming weeks.

Renewable energy plays an important and ongoing part in Australia’s energy mix. The Australian Government is supporting ongoing investment in renewable energy projects, including with a $1 billion dollar investment in almost 200 projects across a range of renewable energy technologies.

The RET has underpinned investment in large and small scale renewable energy generation, particularly in wind, solar PV and hot water systems.

There are currently 416 renewable energy power stations accredited under the large-scale RET and around 2 million household renewable energy systems installed under the small-scale scheme.

The Australian Government is determined to ensure Australia’s energy market is robust and reliable and that Australian households and businesses continue to have access to affordable power, which is the foundation of Australia’s competitive advantage and our growing global status as an energy superpower.

The Government thanks the members of the independent panel, Mr Dick Warburton AO LVO, Mr Matt Zema, Dr Brian Fisher AO PSM and Ms Shirley In't Veld, for their work.

The report is available at: http://retreview.dpmc.gov.au/

Media Contact: Mr Macfarlane's office 02 6277 7070