delete Renewable Energy (Electricity) Amendment (Percentages) Regulation 2014
Amendment to Renewable Energy (Electricity) Regulations setting the percentage targets for the Renewable Energy Target (RET) scheme, which mandates that a specified percentage of electricity sold by retailers must come from renewable energy sources. The regulation specifies the renewable power percentage for liable entities in a given year, creating enforceable quotas backed by penalties for non-compliance.
The RET percentage mandates distort the electricity market by coercing investment in predetermined technology mixes regardless of cost-competitiveness, raise consumer electricity prices through REC purchase requirements, impose compliance costs on liable entities, create uncertainty for non-renewable energy investment, and override consumer preferences with bureaucratic determination. If renewable energy is genuinely cost-competitive, mandates are unnecessary; if not, mandates impose net costs on Australians. The scheme's emissions reduction benefits are uncertain and achieved at high cost compared to alternatives like carbon pricing, which would achieve the same environmental goal through price signals rather than mandates.