In an AGL reporting announcement AGL Energy said it will shelve about $2 billion worth of wind-farm investment until the price of renewable energy certificates improves and there is a price on carbon.
”Until there is a price signal there and RECs recover, we are not going to commit to building any more wind farms. There is about $2 billion in wind projects that we aren’t proceeding with until we see that price signal,” managing director Michael Fraser said. RECs are currently trading around $35/MWh.
The market for the certificates has remained “soft and soggy” even after the government revised the program to encourage larger-scale projects, Fraser said. “It’s going to take, in our view, until around 2014 or 2015 for that surplus to wash through the system.”
The company estimated it would spend as much as A$6 billion in the next decade on gas-fired power stations and renewable energy projects if the Australian government imposes a price on carbon emissions, said Fraser.
Loy Yang power plant hurt contributing only $22.4 million, a drop of 98 per cent, due to lower pooled electricity prices.
Epuron enter into an JV agreement for the Gullen Range project where Goldwind will supply 73 turbines.
The French government are aiming to limit new solar power projects to 500 megawatts a year.