The Clean Energy Regulator has confirmed it has approved enough capacity to meet the Large-scale Renewable Energy Target (LRET). While this is a great achievement for the renewables industry, the question remains what comes beyond 2020. Although analysts expect a slow down, ANU researchers find the record installation rates will see Australia surpass the scrapped target of 41,000 GWh of renewable energy generation around the end of 2020.
Only a few years ago, there was a general belief that the market would not get close to supplying enough large-scale generation certificates (LGCs) to meet the 33,000 GWh target by 2020 and there would be a shortage until as late as 2022. However, the breakneck speed and scale of project commitments over the last couple of years have seen renewables records smashed across the board and it soon became certain the target will be not only achieved, but also surpassed by a substantial margin.
Read the full PV Magazine article here. Article quotes Dr Matthew Stocks, Prof Ken Baldwin and Prof Andrew Blakers.