Australian Energy Law Update—In Brief

Jones Day presents a snapshot of material developments in Australian law relevant to the energy sector over the last 12 months.

Commonwealth

1. The renewable energy target for large scale generation was reduced from 41,000 gigawatt-hour to 33,000 gigawatt-hour by 2020. Exemptions were provided for moderate and high emissions-intensive trade-exposed activities. Native forest biomass was included as an eligible renewable energy source. The target for small scale generation remained at 4,000 gigawatt-hour by 2020.

2. Australian Free Trade Agreements with Korea, Japan and China are now operational. They provide for reduced or no tariffs on the import into those countries from Australia of minerals and petroleum products. Investment in Australian assets from private entities in those countries are notifiable under foreign investment laws only if the consideration or value of the investment is over the threshold of $1.094 million, subject to a lower threshold of $252