Victoria Makes Renewable Energy Target State Law
The Victorian government has introduced legislation to preserve the state’s renewable energy targets in law as reported by The Guardian.
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Solar Trust Centre Team : Dec 6, 2017 3:35:05 AM
According to a report by Frontier Economics the steep decline in wholesale electricity prices forecasts between 2018 and 2022 is because of the entry of 6,000 megawatts of renewable capacity that has been provided incentives by the present renewable energy target as reported by The Guardian.
The new reliability and emission reduction guarantees have been imposed on energy retailers and large energy users from 2020 will also result in further market concentration. The report noted that this change is specific in South Australia.
The report stated 3 options for market intervention by state participants in the national energy market that include:
The report also states that the new reliability requirement will lead to a more competitive bidding from traditional fossil fuels like coal and gas, which in turn, will reduce prices if the guarantee is rolled out as compared with the business-as-usual scene.
The Victorian government has introduced legislation to preserve the state’s renewable energy targets in law as reported by The Guardian.
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