27 Jan '17, 2pm

Chile's new carbon tax set to make fossil fuels uncompetitive

Chile's new carbon tax set to make fossil fuels uncompetitive

Chile introduced the first carbon tax in South America on 1 January, charging power generators and other large polluters $5 per tonne of CO2 equivalent — a move that is expected to give a significant boost to the already fast-growing renewables sector. In the sunny, windy country, renewables projects have recently been offering historically low prices at national technology-agnostic tenders, winning the lion’s share of capacity up for grabs. The carbon tax is expected to increase wind and solar’s advantage, making it almost impossible for new-build fossil-fuel-fired generation to compete. This hypothesis will first be tested in a 3.8-terawatt-hour tender that is due to be concluded by December. The carbon tax will be paid by 85 companies that generate more than 50MW of fossil-fuel-fired power, with the biggest utilities — including the local units of AES , Enel and Engie —...

Full article: http://www.rechargenews.com/wind/1209071/chiles-new-carbo...

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