AGL Energy says that it will develop $6 to $7 billion in renewable energy projects in Australia over the next decade following the passage of the renewable energy target legislation.

AGL Energy’s chief executive, Michael Fraser, said that the passage of the legislation was very significant for his company and the industry. He said that in total about $25 billion to $30 billion of renewable projects would have to be built over the next decade to meet the target and that to achieve this, Australia would need about 4,500 wind turbines able to deliver around 9,000 megawatts of electricity.

Mr Fraser also said that, under the legislation, coal-fired power stations using brown coal would eventually have to shut down.