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Renewable energy regime already costing utilities  

Credit:  By Rick Hind, ABC News, www.abc.net.au 23 June 2011 ~~

The Power and Water Corporation says it is already paying $8 million dollars a year to meet federal renewable energy requirements, before a carbon tax is introduced.

Managing director Andrew Macrides has told estimates hearings in the Northern Territory Parliament he cannot speculate on the impact of a carbon tax before the Federal Government announces details.

Power and Water had been asked if it had modelled the impact a carbon tax would have on its budget and what the subsequent costs passed on to consumers could be.

Mr Macrides says Power and Water already has to buy renewable energy certificates (RECS) from interstate and he is not sure if they will be part of a future carbon tax scheme.

“The reality is that it is actually costing the Corporation money now,” he said.

“The Corporation has got an obligation to purchase Renewable Energy Certificates.

“We have now reached the point of saturation with renewable energy sources locally, which means we have got to buy requisitions on the open market… from interstate.”

He predicts that in the 2011-2012 financial year the cost of buying RECS will rise to $14.9 million.

In the two subsequent financial years he expects to cost to be about $17 million.

Source:  By Rick Hind, ABC News, www.abc.net.au 23 June 2011

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