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Government & Labor reach breakthrough over RET


Source: ABC News 18 May 2015

The Federal Government and Labor have reached a bipartisan deal on changes to the renewable energy target (RET), ending a long-running dispute over the future of the scheme.

The two parties met in Melbourne this morning and agreed to lower the RET from 41,000 gigawatt hours to 33,000, to fully exempt trade-exposed industries from the target and to scrap the two-yearly reviews which threatened to derail the deal.

Instead, the Clean Energy Regulator will provide an annual statement to Parliament and the government of the day on progress towards the target, what impact it is having on electricity prices, and whether the scheme is at risk of default.

Environment Minister Greg Hunt said after months of negotiations, the two parties had achieved certainty for the renewable energy sector and protected jobs in trade-exposed industries such as aluminium smelting.

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