Clean energy investment confidence drops further

Confidence in new clean energy investment continued to slide in the past six months driven by grid connection and transmission concerns and lack of federal government policy.

The latest Clean Energy Outlook survey of industry executives found confidence is at its lowest ever level.

Executives surveyed by the Clean Energy Council rated their confidence to invest in new projects at 6.1 out of 10, down from a high of 7.1.

Council CEO Kane Thornton said the drop would continue without strategic and holistic reform of the Australian energy market.

He said: “This loss of confidence has already translated into a slow-down in investment.

“In 2019, we have seen an alarming 60 per cent reduction in investment in new clean energy projects from 2018 levels.”

Thornton said Australia’s coal generators were ageing and all will be shut bu 2050.

“New large-scale generation is urgently needed to keep power prices down and ensure the ongoing stability of our energy system.

“Australia has abundant natural resources and huge potential for renewable energy generation, but the industry has been plagued by policy and political uncertainty.”

Despite the challenges facing the industry, 70 per cent of respondents said they expected the number of people they employed to increase in the next 12 months.

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