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Major green credits contract signed for Hydro Tasmania
1 January 2005
Renewable energy developer Hydro Tasmania has signed a ten year, A$90 million energy credits contract with EnergyAustralia, an electricity retailer owned by the New South Wales government. Under the deal, Hydro Tasmania will sell both the renewable energy certificates (RECs) and green power rights earned from the first 10.5 MW and second 54 MW stage of its Woolnorth Wind Farm. The RECs will offset EnergyAustralia's coal use. Hydro Tasmania's Geoff Willis says the agreement is a win-win for both firms. "In generating revenue from RECs sales and enabling us to use that revenue to build more renewable energy plant, this agreement shows that the Mandatory Renewable Energy Target scheme is working exactly as intended." Tasmania is expected to join the National Electricity Market in May thanks to completion of the Basslink interconnector, a 295 kilometre undersea cable to the Australian mainland, in November. The Basslink can export up to 600 MW of power from Tasmania to Victoria and import a maximum of 300 MW to Tasmania, with a continuous rating of 480 MW.
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