The Clean Energy Council (CEC) has sent a warning letter to politicians about any potential changes to the Renewable Energy Target (RET). The open letter warns of risking billions in investments as well as potential increase in electricity prices. It is signed by 17 major companies and senior members of the CEC.

The letter comes as Dick Warburton, the head of the review panel for the RET has aired his frustration at Clive Palmer wanting to block any changed in the Senate. The Review Panels is to submit their report in the next two weeks.

“The 41,000GWh target, as currently legislated, will deliver the revenue necessary to recover the investments we have made. If the 41,000GWh target is reduced, or moved out past 2020, existing wind farms, bagasse plants, hydropower and large-scale facilities will suffer financial distress and the potential for financial failure,” says the report.

The letter comes a week after Bloomberg New Energy Finance released data showing that Australia has had the worst six month investment stretch since 2001 as a result of political uncertainty.

“Hopefully the government and the parliament more broadly would accept that you can’t leave the industry in limbo with legislative uncertainty for another two years. The industry would pretty much collapse if that happened,” said Miles George, whose company ‘Infigen Energy’ is Australia’s largest listed renewables group (and a signatory of the letter). “Regulatory certainty is what we need. You can’t make a 20-year investment on the back of legislation that might change every two years.”

Clean Energy Council’s Acting Chief, Kane Thornton (who wrote the letter) has said that the RET brings in billions of dollars in investment and even the uncertainty around it, not to mention if it was reduced it scrapped, has cost Australia huge sums of money in projects that have been put on hold pending the review.

“More than 140 countries have some form of renewable energy target, and the trend is to strengthen them, not weaken them,” he said. “This group of major investors is simply seeking stability that will enable them to resume doing business in Australia with confidence.”

The letter was signed by First Solar, GE, HydroTasmania, Infigen Energy, Trina Solar, Vestas, Acciona, CWP Renewables, Energy Developments, FRV, Goldwind, PacificHydro, RAC, RES, Senvion, SMA and Trust Power.

Click here to read the open letter.