AGL in renewable energy push - 25 Aug 2009

The recent passage of renewable energy target legislation through parliament means that from January there will be a target requiring 20% of electricity to be generated from renewable energy sources by 2020.

AGL Energy says it will develop $6 billion to $7 billion in renewable energy projects over the next decade. In total about $25 billion to $30 billion of renewable projects would have to be built over the next decade to meet the renewable energy target.

AGL say they intend to develop a pipeline of projects so when they look over the next decade that is probably $6 billion to $7 billion worth of projects on their own.

Under the renewable energy target, about 4,500 wind turbines would have to be built to supply about 9000 megawatts of power.

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