Well, the ETS may have hit a hurdle but we are getting a RET - Renewable Energy Target. The result will be higher electricity costs:
The RET will work by forcing electricity companies to buy a certain portion of electricity from renewable sources such as wind, solar and geothermal.
Households and businesses will pay for it through higher power prices.
The Coalition has secured more exemptions for industry from the cost of the RET in the deal struck today.
That means households will pay a greater share.
HURRAH, the Rudd government and Turnbull opposition have agreed to pass the Renewable Energy Target, an initiative unjustified in economic terms that makes emission reduction costs three times more expensive than the price of permits under cap and trade and resurrects government planning that Australia spent half a century trying to escape.
This is an initiative driven totally by politics. In a new world of climate change tokenism it means Kevin Rudd and Malcolm Turnbull are heroes. Government support to create new renewable industries otherwise untenable has become the test of being "serious" about climate change.
Now there is a type of renewable energy that's cheap, reliable and can be produced in sizable quantity, hydro-electricity. There's opportunity for hydro power in Tasmania but that Labor and the Greens closed off that option years ago. And there's that other emission free renewable (well recyclable anyway) energy source Green and Labor don't like.
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