egolinews.com

AGL Energy Limited (AGL) welcomed legislative changes to the operation of the Renewable Energy Target (“RET”) scheme, saying they would provide greater investment certainty for the renewable industry. The company said under the changes that were passed through the Senate, the RET scheme would be split in two, creating a market for large-scale renewable energy projects, such as wind farms, and another for small-scale technologies including solar PV.

Managing director, Michael Fraser, said the changes gave industry certainty to make long-term investment decisions to transform the nation’s energy infrastructure to meet the target of sourcing 20% of the nation’s electricity from renewable sources by 2020.

“With our joint venture partner Meridian Energy, AGL now plans to fast track the final approvals for the development of the Macarthur wind farm which, when completed, will be one of the largest wind farms in the southern hemisphere,” Mr Fraser said.

As at 11446 AEST, AGL Energy shares were up 18c to $14.89.

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