Electricity Gets Cheaper In Act With Wind Energy Reverse Auction

Wind Turbines

IN BRIEF

The first wind energy reverse auction in Australia Capital Territory (ACT) resulted in low renewable energy prices and enough capacity to meet approximately 33% of Canberra's residential electricity demands. These facilities represent 200 MWe of combined renewable capacity, to provide electricity to 107,000 Canberra homes and to avoid 580,000 tonnes of carbon emissions each year.

The three wind farm projects will bring a US50 million direct investment into the ACT's economy and broader economic benefits exceeding US240 million. The successful projects include Ararat Wind Farm in Victoria - 80.5 MWe, US87.00 per MWh, Coonooer Bridge Wind Farm in Victoria - 19.4 MWe, US81.50 per MWh, and Hornsdale Wind Farm in South Australia - 100 MWe, US92.00 per MWh.

In addition to the 200 MWe of new wind energy, ACT is investing in 40 MWe of large-scale solar. That, with the existing 44 MWe of residential solar installations, would mean that the renewables will be supplying 80% of all Canberra's household electricity needs. These projects will position Canberra as the renewable energy capital, providing jobs and economic benefits for all locals.

The Renewable Energy Target (RET) review has hurt Australian clean power investment, put more than 21,000 jobs in jeopardy and created uncertainty for nearly US10 billion in existing large-scale investments. The stalemate on RET has so far resulted in the stalling of around 44 Australian wind farm projects. The new investment is likely to come in the sector only once confidence in the policy environment has been restored.

The post Electricity gets cheaper in ACT with wind energy reverse auction appeared first on Intersect Insight.

Source: battleforgreenearth.blogspot.com