Company says it’s cheaper to pay the penalty, but the move is branded as ‘undermining of the objectives’ of the renewable energy target

The Clean Energy Regulator has castigated a major electricity company for choosing to pay a $123m penalty rather than build or contract new wind or solar power.

It said the move was “hugely disappointing” and customers would rightly be outraged to know the company wasn’t using money collected for investing in renewables in the proper way.

Related: Barnaby Joyce won’t rule out dumping Renewable Energy Target

Related: ‘No plans’ to cut renewable energy target, Josh Frydenberg says

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