COAG Agrees on Expanded RET Design

On 30th April, The Council of Australian Governments (COAG), announced an agreement ‘on the design of a Renewable Energy Target Scheme to achieve a 20 per cent share of renewables, or some 45,000 gigawatt hours, in Australia’s electricity mix by 2020.’

COAG summarise the details in its four-page meeting outcomes document.

The scheme penalty will be increased from $40/MWh to $65/MWh. Assistance for EITE industries kicks in over 9,500 GWh per annum and aims to be consistent with that proposed under CPRS.

COAG also announced the signing of a memorandum of understanding on a National Strategy on Energy Efficiency. There is a commitment to sign an actual agreement in mid-2009.