Investing in renewable energy

Treasurer Wayne Swan has allocated $652 million over four years, as part of the 2010-2011 Australian Federal Budget, into a Renewable Energy Future Fund, which will be part of an expanded $5.1 billion Clean Energy Initiative.

“This fund will leverage private sector investment to support renewable energy projects, and the development and deployment of low-emissions technologies,” he said.

“It will also be used to enhance Australia's take-up of energy efficiency, including helping households and businesses reduce their energy consumption.”

The nation’s leading green building organisation has welcomed the Australian government’s new measures. “With the Carbon Pollution Reduction Scheme on hold until at least 2013, other measures are vital to ensure Australia reduces its greenhouse gas emissions,” says Chief Executive of the Green Building Council of Australia (GBCA), Romilly Madew.

“It’s time Australia capitalised on the potential of renewable energy sources such as geothermal, wind, wave and solar power.”

The Energy Networks Association (ENA) also welcomes the Federal Budget announcement of a number of key renewable energy and energy-efficiency initiatives. Australia’s energy network businesses can assist the delivery of outcomes in these areas through the development of smart networks.

“Energy network businesses are very conscious of the importance of energy efficiency - not only for the environment and the community but also as a solution to many of the challenges facing energy transmission and distribution businesses in a carbon-constrained world in the future,” said ENA Chief Executive Andrew Blyth.

“The ability to accommodate the increasing demand for energy, energy security and the better utilisation of existing assets are primary considerations. At this point in time we see real potential for energy-efficiency programs to complement work underway on demand management as one means of optimising future investment in new energy supply infrastructure,” said Blyth.

Many of ENA’s members are actively involved in a number of energy-efficiency projects, including providing audits and information to help consumers understand how they can save energy.

“Given increasing demands for electricity and the need to reduce carbon emissions, it is essential to transform the way electricity is delivered and used. Smart electricity networks are a vital component of this transformation. By optimising network operations and facilitating customer responses, smart networks can deliver future electricity supplies that are more reliable, more environmentally sustainable and more cost effective.

“Smart networks will assist in enabling the development of a range of applications, appliances, services (such as internet portals and in-home displays) and price structures that offer the potential for customers to understand and manage their energy use. In addition, smart networks will ensure the smooth integration of renewable and low-emission distributed generation sources into the grid.

“These practical tools provide a means through which customers can potentially alter their behaviour, such as reducing energy consumption or shifting the timing of their energy use, in order to reduce their emissions and make their electricity purchases more affordable,’ said Blyth.