News of impending electricity price increases is reaching Australian businesses and households in the middle of an election campaign. Yet political leaders are arguing over price forecasts years into the future. There is precious little clarity on what the next government, whether Coalition or Labor, can do to improve things immediately.
Today’s reality is that annualised wholesale electricity spot prices in the National Electricity Market are double what they were a year ago and some of this increase will be passed through to customers. This price shock is aThere are multiple causes of the price surge, including high global coal prices from a post-COVID recovery, disruption created by the Ukraine war, coal and gas power plant outages, local coal supply problems due to heavy rains and high late-summer temperatures.
For this to happen, and regardless of the election result, future governments must ensure vastly more electricity infrastructure, i.e. transmission and storage, is built. Labor has proposed a $20 billion government-owned corporation to upgrade the electricity grid, unlock $58 billion of private sector investment in renewable generation and associated infrastructure, and deliver annual power bill savings between $275 and $378 in the second half of this decade.
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Source: FinancialReview - 🏆 2. / 90 Read more »