Monday, October 17, 2011

Australia: Energy Bills to Soar

AUSTRALIA will need to spend a further $30 billion on wind farms by 2020 - about four times the capital investment in power stations in the national energy market during the past decade - to comply with the government's enforceable targets for renewable energy generation.

Research commissioned by the Energy Users Association of Australia and to be released today finds that to meet the federal target for 20 per cent renewable electricity, the amount of wind generation will have to increase sixfold in less than 10 years - amid likely community backlashes over fears of noise pollution and loss of amenity.

The research questions whether the renewable energy target will be met.

It finds the $30bn in new spending will have to come on top of $12.1bn worth of federal and state subsidies for renewable power sources - including rooftop solar panels - that were installed between 2001 and last year and which industry and households will still be paying for during the next 20 years.Energy users will pay $10.8bn or 87 per cent of these subsidies, with governments bankrolling just $1.3bn of the subsidy.

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