Even in sunniest Queensland, solar can’t run without big subsidies — so big they have to be kept secret

Solar is so competitive that the Queensland government has to pour in money to keep solar developers from running away.

How much money? Who knows. Whatever it is, it’s so big, the government has to keep it a secret.

Queensland taxpayers kept in dark as they prop up solar firms

MARK SCHLIEBS, The Australian

The Queensland government is concealing its financial support for large-scale renewable energy projects, guaranteeing subsidies to solar companies that do not ­appear on balance sheets.

With an expert panel previously finding the government would need to spend between $500 million and $900m in subsidies to meet its 50 per cent renewable energy target by 2030, there are now calls for spending to be made public.

The government has struck four deals with major solar-farm developers, under “contracts for difference”, with floor prices nominated for the sale of their ­energy in order to attract finance. When the market price falls below that threshold, the government has to make up the difference.

Luckily for Queensland taxpayers — who don’t know how to spot a good investment or the energy source of the future — the Government can spend their money for […]

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June 7, 2018 at 12:19PM

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