The Clean Energy Finance Corporation has rejected the Federal Government’s claims that high renewable energy targets are a recipe for blackouts, telling an inquiry that “high levels of renewable penetration are technically feasible and consistent with maintaining energy security”.
Failing to invest now in renewable energy and storage will actually push up electricity prices for consumers, the CEFC argued.
“If ageing coal-fired generation capacity is withdrawn before new renewable energy capacity is available to meet the shortfall, prices are likely to be higher and more volatile,” it noted.
“To facilitate a smooth transition to a high-renewables system and avoid price spikes, policies should support early investment in renewables to prepare in advance for coal capacity withdrawals.”
The Clean Energy Finance Corporation was established by Parliament in 2012 to increase the flow of finance into the clean energy sector and assist in reducing carbon dioxide emissions …
