Australian Power Generation Companies to Boost Portfolios to Meet New Renewable Energy Targets

KOFU-SHI, JAPAN--August 25, 2011--Researched by Industrial Info Resources East Asia (Kofu-shi, Japan)--Under the new carbon tax system, Australia is expecting to generate billions of dollars in favor of renewable energy. Though the Clean Energy Plan will not come into effect until next summer, this year's mandatory Large-Scale Generation Target is likely to prompt Australian power companies to strengthen their renewables portfolios. Last year, renewable energy accounted for nearly 9% of the country's electricity production, though the new target aims to boost renewables to 20% within the next 10 years. Two of Australia's largest electricity retailers, AGL Energy (ASX:AGK) (Sydney) and Origin Energy (ASX:ORG) (Sydney), are already boosting their respective portfolios, as are many of the country's other power generation firms.