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Silex Systems, the
company constructing Australia’s biggest solar plant, has suspended its funding
following reports the national Renewable Energy Target (RET) could be scaled
back or done away with altogether, RT reports.
The 100-megawatt Mildura Solar Concentrator Power Station, a
$70 million project in Victoria, was supposed to provide electricity to 40,000
homes. Now Silex Systems has said it is shelving the project.
"There
are a number of factors, including low wholesale electricity prices and the
uncertainty surrounding the Renewable Energy Target. They're the two main
factors," ABC Radio quotes Michael Goldsworthy, the
CEO of Silex Systems.
On
Monday, Prime Minister Tony Abbott called for a government review of the RET
which could go as far as removing the target completely. Initially the scheme
was aimed at reaching 20 percent of all electricity coming from renewable
sources by 2020.
The
government is expected to cut back the RET scheme with Tony Abbott blaming it
for pushing up power prices.
However research released
on Monday by renewable energy advocates showed that power prices would rise if
the RET was dismantled.
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