The Australian Capital Territory (ACT) government received dividends from its first two wind farms built towards its goal of matching 100 percent of its electricity needs with renewable energy by 2020.
The Ararat wind farm actually delivered a dividend to ACT energy consumers of nearly $90,000 from its opening early in 2017 to the end of December. The smaller, but lower cost, 19.8MW Coonooer Bridge wind farm delivered an even bigger dividend of $480,000 over the calendar year. It should be noted, not all the ACT renewable energy contracts will deliver dividends. Some of the early solar farms were constructed when prices were higher.
When holding auctions for renewable energy capacity, The ACT government delivered guaranteed prices for the wind farm developers. That meant that if wholesale electricity prices at the time of generation were lower than agreed, then the ACT would make up the difference. But because this was a specially structured “contract for difference” it meant that if the prices were higher than agreed - as they were for most of 2017 - then the excess is returned by the wind farm owners, and given back to the ACT and to energy consumers.
“Not only does this mean the ACT has some of the cheapest electricity in Australia, it means our previous renewable energy contracts are helping insulate the Territory from future wholesale market price spikes.” said Shane Rattenbury, ACT Government Minister for Climate Change and Sustainability.
More details at: The subsidy-free wind farms that returned money to ACT consumers in 2017. RenewEconomy, May 4, 2018.
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