The Economics of the Mandatory Renewable Energy Target (MRET)
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In response to increasing awareness of climate change, the Howard government
implemented the Mandatory Renewable Energy Target (MRET) in 2001. It requires
electricity wholesalers to source an additional 9500 GWh of electricity from renewable
sources by 2010. Electricity wholesalers are required to subsidise renewable energy
generators by purchasing Renewable Energy Certificates (RECs) equivalent to the target;
failure to do so incurs a penalty of $40 per megawatt. Economic analysis is used to
investigate the design and likely operation and limitations of the MRET.