The Hon. Angus Taylor MP
Minister for Energy
The Morrison Government’s energy policy continues to support investment certainty in Australia’s future energy supply, as demonstrated by data released today showing investment in new renewable generation at record levels.
Australian electricity statistics released today show that clean energy investment was at its highest ever level in 2018, setting a new record of $13 billion. This investment is expected to continue, with the latest figures from the Clean Energy Regulator showing more than $25 billion of committed investment in 18.8 GW of new wind and solar over the period 2018-20.
New investment in renewable energy generation lifted the share of renewables to 19 per cent of Australia’s total electricity generation in 2018, up from 15 per cent in 2017.
Overall, electricity generation in Australia rose by 1 per cent in 2018, including a 25 per cent increase from renewable sources. This includes a 160 per cent increase in large-scale solar generation, a 23 per cent increase in wind generation and a 22 per cent increase in small-scale solar generation.
The Government has also invested $1.42 billion in reliable renewable generation and storage, supporting a high-tech expansion of the Snowy Hydro scheme and the development of Marinus Link, the second Bass Strait interconnector needed to turn Tasmania’s Battery of the Nation vision into reality.
Supporting storage technologies that provide back-up power for intermittent renewables is vital to ensure energy is available when the wind isn’t blowing and the sun isn’t shining.
Unprecedented growth in generation from wind and solar reinforces the need for more investment in reliable 24/7 generation. That’s why the Government has implemented the Underwriting New Generation Investments program to increase firm electricity supply and competition, which will drive down wholesale electricity prices.
The Government is stepping in to tackle the supply and demand pressures on the energy grid to ensure there is no repeat of what happened in Victoria where 200,000 homes were without power thanks to the Andrews’ Labor Government’s neglect for reliable 24/7 power.
These statistics are an inconvenient truth for Bill Shorten and Labor, showing that the Coalition has a strong record on renewable energy, as well as a balanced plan for meeting our international obligations without wrecking the economy.
Our measured approach stands in stark contrast to Labor’s target which independent modelling has shown will trash the economy and slash jobs and wages.
As the Business Council of Australia has stated: “The emissions target of 26 per cent is appropriate and achievable. 45 per cent is an economy wrecking target”.
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