AGL response to Federal Government announcement to back strong renewable energy target

AGL is pleased that the Federal Government has confirmed its commitment to the Renewable Energy Target (RET) scheme and that it has endorsed the vast majority of recommendations by the Climate Change Authority.

The RET has had strong bipartisan support since its introduction by the Howard Government and has been a great success story with billions already invested in large scale renewable generation projects. With ongoing support from both sides of politics the RET will continue to be a success in reducing emissions in a low cost way for Australian homes and businesses.

Importantly, research by AGL economists for CEDA has shown real electricity prices may be 10 percent lower in 2020 even with significant future investment in renewables.

About AGL

AGL is one of Australia's leading integrated renewable energy companies and is taking action toward creating a sustainable energy future for our investors, communities and customers. Drawing on 175 years of experience, AGL operates retail and merchant energy businesses, power generation assets and an upstream gas portfolio. AGL has one of Australia's largest retail energy and dual fuel customer bases. AGL has a diverse power generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, landfill gas and biomass. AGL is Australia's largest private owner and operator of renewable energy assets and is looking to further expand this position by exploring a suite of low emission and renewable energy generation development opportunities.