Carnegie Welcomes Carbon Price

THE BOURSE WHISPERER: Demonstrating that one man’s tax is another’s bonus is wave energy developer Carnegie Wave Energy.

Australia’s most advanced wave energy company greeted Prime Minister Julia Gillard’s new carbon tax price with optimism while adding the new renewable energy funding would provide greater investor certainty.

Wave Energy’s declaration has come as a response to the Australian Federal Government’s new climate change initiative, which includes a price on carbon dioxide as well as the establishment of a Clean Energy Finance Corporation.

The government will also be establishing and the Australian Renewable Energy Agency that will oversee $13 billion of investment in renewable energy.

Speaking at the Boao Forum for Asia in Perth, Carnegie Wave Energy chief executive officer and managing director Dr Michael Ottaviano said he welcomed the carbon price and renewable energy funding policies announced by the Australian Federal Government.

“The policy will provide the platform for Australia to capitalize on its clean energy resources including its world class wave, solar and hot rocks assets,” Ottaviano said.

“In particular, it could provide the focus needed on earlier stage renewable technologies like wave where there is still the opportunity for Australia to lead the world.”

“Whilst a record amount of $240 billion was spent globally last year in clean energy, more than 95% was invested in deploying existing proven technologies.

“Arguably, it is the newer, emerging renewables like wave that have the potential to be game changers, providing high availability, predictable clean energy.”

Carnegie recently announced the completion of Stage 1 of its Perth wave energy project in Western Australia.

The Perth wave energy project is located off Australia’s largest naval base, HMAS Stirling at Garden Island in Western Australia and is the most advanced project of its kind in the Southern Hemisphere.

The project sits offshore from Fremantle in the ocean between Garden Island and Five Fathom Bank at a depth of approximately 25 metres and is supported by a $12.5 million grant from the Western Australian State Government.

Upon completion, it will be Australia’s first commercial scale wave energy project.