Evidence of soaring wholesale electricity prices contained in the latest Origin Energy quarterly report and the Australian Energy Market Operator’s market dynamics report are a gift for Labor’s election campaign.
The $416 billion figure comes from the AEMO’s step-change scenario in its integrated system plan, which says there will be $12.5 billion in benefits to the economy from increased investment in renewables and shutting all coal-fired power by 2038. “In the second half of this year, some of these higher wholesale costs will flow through to the price that customers pay, but customers will not feel the full impact.“This is because the wholesale cost of energy is one input to customer energy prices, making up around 30 per cent to 35 per cent of an average energy bill.
If Albanese is smart, he will play the energy security card in any debate with Morrison over energy policy, given that the rational response to heightened geopolitical tensions is to accelerate the energy transition.Before the invasion, the European Union had an energy transition plan to install 465GW of renewable power by 2030. This was ambitious, but it was not sufficient to replace EU reliance on Russia.
“As a result, wind and solar are now cheaper to build than new gas plants, and are even cheaper than running existing coal and nuclear plants and some gas plants.
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