As stated in the Expert Panel’s discussion paper, the three objects of the Renewable Energy (Electricity) Act 2000 are:
a) to encourage the additional generation of electricity from renewable sources;
b) to reduce emissions of greenhouse gases in the electricity sector; and
c) to ensure that renewable energy sources are ecologically sustainable.
It should be specifically noted that whilst the reduction of greenhouse gas emissions in the electricity sector is one of the three objectives, it was never the intention of the original (or ongoing) design of the RET to provide least-cost emissions abatement.
Rather, the primary intention behind the RET’s design was to provide least cost renewable energy investment, in particular at a time (in the early to mid 2000s) when all renewable generation sources had a significantly higher levelised cost than their traditional centralised generation counterparts.
Click here to view the submission: ATA RET Review 2014 Submission – Final 160514 v1.0