Pacific Hydro welcomes investment certainty with passing of Clean Energy Future Package

8 November 2011

Leading renewable energy company, Pacific Hydro welcomed the passing of the Clean Energy Future Package through the Senate today.

“After many years of inaction and uncertainty at a national level on carbon policies, we are pleased to see a price on carbon formally introduced by Government,” said Lane Crockett, Pacific Hydro’s General Manager Australia.

“The passage of these bills and the legislating of a carbon price in Australia will fundamentally change the policy landscape and drive a transition towards cleaner energy. The shift will drive billions of dollars in investment, tens of thousands of jobs throughout regional and rural Australia and ensure we deliver on environmental outcomes”, said Mr Crockett.

“The price on carbon established through the clean energy future legislation demonstrates the critical role renewable energy will play in Australia’s low carbon future. That future is complemented by the vital role of the Large-Scale Renewable Energy Target and the supportive investment mechanisms delivered through the Australian Renewable Energy Agency (ARENA) and the Clean Energy Finance Corporation (CEFC),” said Mr Crockett.

“This is a significant step towards a level playing field for clean energy investment. The external costs of fossil fuel power generation are finally starting to be accounted for,” said Mr Crockett.
Pacific Hydro is poised to develop around $2 billion worth of projects across Australia.

“This new legislation provides us with an increased level of certainty that we and our investors need to develop Australian clean energy projects,” said Mr Crockett.

“We will now be able to increase investment here in Australia as we have in Brazil and Chile where they have stable renewable energy policies which provide confidence to investors,” said Mr Crockett.

“In Chile we have one renewable energy project going through the registration process and two successfully registered projects under the Kyoto Protocol’s Clean Development Mechanism (CDM) to issue and trade in carbon credits which have underpinned those investments,” said Mr Crockett.

“We look forward to operating in an Australian economy that rewards companies and businesses for investing in a clean energy future,” said Mr Crockett.

“The legislative package provides a comprehensive mix of a long term target, carbon pricing, energy efficiency, renewable energy support and action on the land and will bring many opportunities to business, farmers and households”, added Mr Crockett.

“Reversing this important step will only lead to investor uncertainty and adverse impacts for consumers through further stalling energy investment,” finished Mr Crockett.