AGL Energy
(ASX:AGK) says its proposed $800 million Macarthur wind farm project in Victoria is under ''enormous pressure'' because of falling values of renewable energy certificates.
AGL managing director Michael Fraser said yesterday that the project was just one of many wind farms that might not go ahead if the Federal Government could not address the uncertainty facing renewable energy investors.
About $30 billion of investment in renewable energy will be needed to achieve the Federal Government target of 20 per cent of Australia's power from renewable sources by 2020.
AGL would receive renewable energy certificates in return for producing green energy but the value of the certificates has fallen from around $60 to almost $30, pressuring the viability of renewable energy projects.
AGL Energy posted a 2009 net profit of $1.596 billion.
