Wednesday 31/10/2007 Page: 42
A HOT rock geothermal business could become viable as early as late 2009 under the Opposition's requirement that electricity retailers buy 20 per cent of power from renewable resources by 2020. Hot rocks company Petratherm's managing director Terry Kallis said the company had four hot rock sites in South Australia, with the one at Paralana being the closest to commercialisation. Wind farms also would benefit from the policy. Pacific Hydro would be able to increase its energy output sixfold.But the peak body representing mainstream electricity and gas suppliers said it hoped Labor would wind back its renewable energy target once carbon emissions trading got under way. Energy Supply Association of Australia said: "We encourage the ALP to review the level of its renewable target once the outcomes of the Ross Garnaut report are known, consistent with yesterday's announcements that a renewable energy target is a transitional measure to be superseded by emissions trading." Climate Institute Australia chief John Connor, however, gave the target "a big thumbs up" for smart economics.
"Our modelling shows that these sorts of targets can help to keep electricity prices down." Pacific Hydro, which has 100 megawatts of installed generation, said the incentive would provide certainty for a further 600MW of wind energy projects worth $1.5 billion. Deputy chairman of the Clean Energy Council Peter Szental said the policy was "a wonderful commitment to delivering a sustainable energy infrastructure". "We are also calling for a $2 billion sustainable energy innovation fund to assist research in solar, geothermal and bioenergy power," Mr Szental said. The Renewable Energy Generators Australia said the target would help technologies such as geothermal and solar to prove electricity could be produced more cheaply than coalfired electricity by 2020.
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