Oct 18, 2017 Last Updated 7:56 AM, Oct 18, 2017

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Turnbull government set to abandon clean energy target

AusRenewables WPAusBNAusBN - The federal government’s energy minister Josh Frydenberg has indicated that Australia may move away from its clean energy target, which subsidises different types of renewable energy.

Speaking at a national energy summit in Sydney, the minister referred to the falling costs of renewable energy as one of the reasons for the potential scrapping of the renewables subsidy.

“The market is changing dramatically,” he said. “The cost curve for renewables has come down significantly, that plays into our thinking about the level of support that is required within the sector.

“There's a greater emphasis on reliability and we're not seeing a premium put on, on despatchable power.”

Meanwhile, Prime Minister Malcolm Turnbull told reporters that his government is putting together an energy policy based on engineering and economics.

“What we are determined to do is to ensure energy is reliable, affordable, and that we meet our emission reduction commitments that we've made through the Paris Agreement,” said Turnbull.

The Turnbull government is set to finalise its new investment framework for energy policy in the coming weeks.

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