Threat vs. Australia’s offshore wind to undermine investor confidence

Offshore wind plays a critical role in ensuring secure energy supply, a group said.

The Clean Energy Council (CEC) has warned that the recent threat made by Australian Liberal opposition leader Peter Dutton to rescind a declared offshore wind zone in the Hunter region may erode investor confidence in the country.

In a statement, CEC Chief Executive Kane Thornton said that the “announcement from the Leader of the Opposition will send shockwaves through offshore wind investors and risks undermining investment confidence in offshore wind and other energy and infrastructure sectors across Australia.”

He noted that as coal gets phased out, injecting capital in renewable power sources such as offshore wind will be critical to deliver the lowest-cost energy system for consumers. These technologies also create new jobs and economic opportunities for regional communities such as the Hunter over coming decades.  

“The Australian offshore wind industry requires long term certainty to provide the confidence to develop and invest in these significant and long-term assets,” Thornton said.

“The historical bipartisan support for offshore wind – with the Coalition introducing the Offshore Electricity Infrastructure legislation in 2021 – has attracted strong interest and investment from global leaders in offshore wind,” he added.