The plan involves a deal with the states to cap the price of black coal to $125 per tonne on coal, half the rate of the spot market, and about $12 per gigajoule on gas.
Compensation for gas producers is not anticipated because the gas industry largely relies on the spot price rather than long-term contracts. A NSW government spokesperson said on Saturday the state government already had $7 billion in support to ease cost-of-living pressures on NSW households, and would continue to work with national cabinet to finalise the agreed measures.
Bowen said the government would continue to transition the grid to renewables, “the cheapest form of energy and the one form of energy which Vladimir Putin cannot disrupt”. Samantha McCulloch, chief executive of the Australian Petroleum Production and Exploration Association, said the gas caps would “do the opposite of what’s needed”.
The Albanese government will need the support of the crossbench to pass the legislation in the Senate.
can't afford to feed people on benefits who are having to skip meals but here's $500m for coal producers earning record profits
Ah, how’s all that green wash BS going?
WTF🤬🤬🤬🤬
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$1.5bn energy price relief package for Australians including caps on coal and gasTreasury advised the PM and premiers not to deliver the rebates as cash handouts due to risk of fuelling inflationary pressure It's no wonder why Labor get labelled as bad managers of the economy which ultimately results in high debt. They fail to respect even the most basic market principles of supply and demand. Even worse they are now trying to manipulate the market. A big no-no🤐 Q. So where does the bill relief money come from? A. Taxpayers. Q. Where does it go? A. Mostly taxpayers. Q. Is this efficient? A. Of course not. But politically brilliant. This article doesn't mention the billions that are going to be given to fossil fuel folk as 'compensation' for capping coal prices
Source: GuardianAus - 🏆 1. / 98 Read more »
Coal price cap ‘won’t have a big impact’ on energy billsNSW Minerals Council CEO Stephen Galilee says the coal price cap “probably won’t have a big impact” on the price of electricity that households are paying. “We hope that the commercial impact on our producers is going to be minimal,” Mr Galilee told Sky News host Chris Kenny. “Some credit should go towards the New South Wales government for … making sure that the interest of New South Wales taxpayers and jobs … are being protected.” Prime Minister Anthony Albanese says, 'banning fossil fuel exports and new coal and gas mines to try and reduce climate emissions won’t stop global warming but would devastate the Australian economy '
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Coal price cap ‘tears’ at increasing energy production supply: LittleproudNationals Leader David Littleproud says the coal price cap will remove the foundations of increasing gas and energy production. “The reality is if you start putting a price cap on it, you start actually tearing away at the fundamentals of increasing supply,” Mr Littleproud told Sky News Australia. “Who would go dig more holes if you’re going to have a price cap put on you? “Which makes it unattractive in many ways for them to continue to develop.” Know why the Libs, LNP and Nat's are all ...upset? They have to go to work and do...work for the benefit of citizens. Missing out on XMAS parties from banks and mines? Parliament recalled after national cabinet strikes energy deal – as it happened This guy looks like Littlefinger from GOT.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Albanese government takes ‘no backwards step’ when it comes to energyEnergy Minister Chris Bowen says the Albanese government “takes no backwards step” when it comes to acting on rising energy costs after price caps on energy resources were announced on Friday. “A new capacity investment scheme, which will unleash billions of dollars of stored, dispatchable renewable energy right across our country,” Mr Bowen told a press conference on Saturday. “We had 4 gigawatts of energy leave the grid under the Liberals, and only gigawatt come on, that’s a part of the reason why we face this energy crisis.” It’s called kicking the can down the road Liar, we do *not* import coal from Ukraine or Russia. Bowen is trashing *our* money for *his* idiology. That’s because nobody sleepwalks backwards.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Energy minister defends federal government's plan to relieve impact of rising power pricesChris Bowen concedes the federal government's plan to ease household energy prices will not be a silver bullet, but is the biggest lever it has to try to alleviate spiralling costs. End the self-harming sanctions on Russia and ditch the war on coal. He's Minister for Blackouts isn't he...😏 Blame Russia meanwhile Russians pay a fraction of what we pay for electricity. They could easily legislate a policy where the small portion needed for Australian electricity generation is free. But they wouldn’t be able to bleat about “renewables” being cheaper if they did that
Source: abcnews - 🏆 5. / 83 Read more »
Energy package is no ‘magic bullet’ but will take sting out of price rises: BowenEnergy Minister Chris Bowen has accepted the Energy Price Relief Plan will not 'solve all the problems' in the energy market but insisted the Government took 'decisive action' to protect consumers from price rises. Solving the symptom and not the problem. Government in a nutshell. It’s a LOT more than the crooked, do-nothing Morrison Government did! And in a Far Shorter time period. It will cause more problems and solve none.
Source: SkyNewsAust - 🏆 7. / 78 Read more »