Scrapping or diluting the Renewable Energy Target hands gas and coal $10B

Research shows power bills would not go down, but the coal and gas industry would reap a huge windfall should the Renewable Energy Target be scrapped, as is proposed by the Abbot government and their top business advisors.

As reported in the Guardian newspaper “Coal and gas generators will reap $10bn in extra profits over the next 15 years if the Abbott government pares back the renewable energy target (RET), and the nation’s electricity bills will not fall, according to new research.

Coal and gas generators have been among the most vocal supporters of reducing the RET, which requires 41,000 gigawatt hours of power to be sourced from renewables by 2020, but the research by Jacobs found reducing the target would also be in those companies’ interest.”

Read the full article here.