Electricity prices in Australia are expected to witness a threefold increase by 2020 if renewable energy sources are not expanded because 40% of the electricity requirements should be met by renewable sources by then, according to Greenpeace, the environmental group in Australia, as reported by HeraldSun.

Greenpeace Officials said that the annual electricity bill in Australia could rise from the present (2008) $11.7 Billion to $30.9 Billion by 2020. The group warned that coal-powered thermal power stations would be completely phased out by 2030. Moreover, wind would turn into a cheaper electricity source than coal by then. Besides, the power industry would create jobs for 10,000 more people if the renewable energy market is supported.

The primary reason behind this projected growth in the power bill in coming years is the increasing pressure on fossil fuels together with an international carbon emission-trading scheme. In a similar radical energy plan, the move to shut down Australia’s coal-fired power stations would cost very high because coal is the primary source of electricity generation in the country.

Further, the energy prices are anticipated to increase due to shift from non-renewable energy sources to renewable ones. In order to implement the green energy plans and to build infrastructure for it, the government is bound to increase the power bills for Australians. Simultaneously, the numerous growing industries will add to the power demand in the country, which, in turn, would compel the government to hike the electricity prices to meet the supply costs.

But the new renewable energy plans would be favorable for Australia in coming decades as energy sources like wind and sun are more cost-effective than coal because they require one-time investment only. This move will simultaneously help Australia in tackling the growing menace of greenhouse gas emissions as the country is presently counted among the top greenhouse gas emitters in the world.

According to a Research Analyst at RNCOS, “Electricity bills in Australia are expected to go up in future. But the country has abundant renewable energy sources. So it needs only a few changes in energy-use policy by the government like rolling out electric vehicles, raising fuel-efficiency standards of automobiles, and lowering aviation demands by promoting rail network to offset the growing electricity bills.”