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8.4.2 Support Initiatives and Market Stimulation Incentives The Australian Government‘s Renewable Energy Target (RET) scheme was initiated to stimulate investment and growth in Australia‘s renewable energy industry, including the geothermal sector. Key goals of the RET scheme are to: Promote additional generation of electricity from renewable energy sources with a declared target of 20% of national electricity supply from renewables by 2020 Achieve reductions in greenhouse gas emissions in the electricity sector RET is implemented via the Renewable Energy (Electricity) Act 2000 and the Renewable Energy (Electricity) (Charge) Act 2000. This legislation facilitates the achievement of RET objectives by; Placing a liability on wholesale electricity purchasers to proportionally contribute an additional 45,000GWh of renewable energy per year by 2020; and Setting the framework for both the supply and demand of Renewable Energy Certificates (RECs) via a REC market RECs are an electronic form of currency created on the REC Registry and able to be transferred between eligible parties (recognised renewable energy generators) and liable parties (wholesale purchasers of electricity) for a negotiated price. Compliance with the RET is encouraged by a shortfall charge being levied against liable parties who do not meet obligations to purchase RECs. To help provide greater certainty to developers of large-scale renewable energy generation projects the Government introduced a number of changes to the RET in 2010. As of 1 January 2011, the RET will be split into two parts - the Small-scale Renewable Energy Scheme (SRES) and the Large-scale Renewable Energy Target (LRET). The LRET, covering large-scale renewable energy projects, will deliver the vast majority of the 2020 target (41,000 GWh). The SRES, covering small-scale technologies such as solar panels and solar hot water systems, will deliver the remainder of the target and provide a fixed price of AU$40 per megawatt hour of electricity produced. RET does not provide a rebate or feed-in tariff. 8.4.3 Development Cost Trends There are no data available as yet to assess development cost trends. 8.5 Status of Geothermal Industry At this point the Australian Geothermal Industry remains largely at a pre-competitive exploration stage, aside from a small production from the Ergon Energy Birdsville plant discussed in Section 3a. At 31 December 2010, a total of AU$3,073 million (US$3207 million) in work program investment is forecast for the period 2002 to 2015. An estimated AU$679 million (US$708 million) of this forecast was invested in the term 2002 to 2010. These forecasts are based upon current proposed exploration work programs and exclude capital expenditure associated with demonstration power plants. However, not all projects may continue to the completion of their tenure 86PDF Image | Geothermal Research and Tech IEA
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