Genesis Energy on Government ETS announcement

Genesis Energy on Government ETS announcement

Genesis Energy today welcomed the Government's announcement that an emissions trading scheme will be applied to the electricity sector from 2010.

Genesis Energy Chief Executive, Murray Jackson, said carbon pricing would encourage further emissions reductions and would provide an incentive for the development of more renewable energy and new technology.

"The timetable announced today and the signal of Government's willingness to engage further in the design on the emissions trading scheme gives us all time to ensure that an effective scheme will deliver the best solutions for climate change."

"Genesis Energy has, for some time, been preparing for carbon pricing and a carbon constrained world. The commissioning of a new 400MW gas turbine at Huntly in July has already resulted in Genesis Energy reducing its CO2 emissions - by some 32 per cent per month."

Mr Jackson said the arrival of an emissions trading scheme would give the industry certainty and allow market-led outcomes in line with the Government's climate change policy.

"Genesis Energy is committed to reducing its emissions. Our long term strategy is to reduce our reliance on coal-fired generation. The next three years prior to the introduction of the ETS will enable Genesis Energy to focus on new renewable development, and investigate new technologies such as wave, tidal energy and carbon capture and sequestration."

ENDS

© Scoop Media