Australian Government Announces $10 Billion Renewable Energy Investment Scheme
The Albanese government has received approval from state and territory governments to establish a scheme that will drive investment into renewable dispatch capacity as energy prices soar.
Federal Energy Minister Chris Bowen announced that a capacity investment scheme will ensure renewable energy reliability.
“This new revenue underwriting mechanism will unlock around $10 billion (US$6.8 billion) of investment in clean dispatchable power to support reliability and security as the energy market undergoes its biggest transformation since the industrial revolution,” he said on Nov. 8.
The scheme aims at ensuring households and businesses can reliably have renewable energy available when required.
“It will help ensure that in future, Australia has an ongoing supply of cheap, renewable, domestically produced energy, regardless of global conditions,” he said….