Record Hydro profit shows benefits of carbon price, RET for Tasmania

Hydro Tasmania’s record profit announcement today highlights what a fantastic boost the carbon price and Renewable Energy Target (RET) have been for Tasmania, Australian Greens Leader Christine Milne said.

“Hydro Tasmania has made a record profit thanks to the carbon price and RET, but the Abbott government has deliberately destroyed future profit potential,” Senator Milne said.

“A profitable Hydro Tasmania has the potential to inject millions into the state budget. Its record $750m to the Government over the past five years is critical to the state budget and the jobs of teachers, nurses and the public service.

“Tasmania has already suffered a blow from the carbon price abolition and now Hydro Tasmania is warning that uncertainty about the future of the RET is jeopardising future returns to the state. The financial disaster that the Abbott government has delivered to Tasmania by abolishing the carbon price will hit hard in the 2014-15 financial year and that's why public service jobs are being axed.

“Renewable energy is one of Tasmania’s economic strengths, the Abbott government needs to end the RET uncertainty once and for all by keeping the 41,000gwh to 2020 target if it serious about being open for business.”

Hydro Tasmania has today reported a record profit of $242 million, with $117 being returned directly to Tasmanians as a dividend.