goodguy

Well look at that - even an insanely weak ETS is doing exactly what it’s meant to and reducing emissions:

The Government has given New Zealand’s energy sector strong encouragement to invest in renewable sources of energy.

Mercury Energy is the retail arm of Mighty River Power which has acted on those signals and in recent years has invested $1 billion dollars in renewable generation.

One effect of the ETS is the creation of an incentive to invest in renewables by deliberately transferring value from thermal generation to renewable generation.

“To put it simply, those who have invested in renewable generation will derive a financial benefit that others will not,” said Mercury Energy general manager James Munro.