The renewable energy targets (RET) for 2014, which are the major tool in achieving the legislated large-scale RET of 41,000 GWh of large-scale generation by the year 2020, have been set by the Clean Energy Regulator:
- The 2014 small-scale technology percentage (STP) is 10.48%.
- The 2014 renewable power percentage (RPP) is 9.87%.
These total 20.35% of the liable electric power acquisitions made by retailers, and for which retailers either must acquit the relevant certificates, or pay a shortfall charge.
This is a significant reduction from the effective total level of 30.35% that applied in the 2013 regulations, although not an unexpected one, and is mostly due to the reduction in excess renewable production overhanging from previous years.
The report of the recently announced review into the RET scheme by a Government-commissioned panel of experts is expected within six months, and the report of the legislated Climate Change Authority review is due around the end of 2014. It is possible that that Government-commissioned report may recommend a different methodology for calculation of the percentages for future years. One real possibility is a calculation based a percentage of current energy consumption forecasts for the year, with a view to setting the target closer to 20% of actual electricity usage.