In addition to assessing progress towards the target, we are required to report on the impact of the Large-scale Renewable Energy Target on electricity prices in our 2016 annual statement.
Three key factors influence electricity prices:
As shown in table 8, the Large-scale Renewable Energy Target accounted for an estimated 2.8 per cent (or an average $9.38 per quarter) of the average household electricity bill in 2016. This is an increase of $2.25 per quarter from 2015. This increase is consistent with the trajectory towards the 2020 target.
Source: Australian Energy Market Commission 2016 Residential Electricity Price Trends
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.