Power Bill Predictions rise to 30%
The experts’ predictions about how much Power Bills will rise in July just keep on, well, rising. 
As we reported last week, NSW households will reportedly have to pay up to 20% a year more for power from July because of a 50 per cent increase in the wholesale electricity price.
This week, the ABC’s Four Corners program reported that Eastern Seaboard energy customers could even see price rises by as much as 30%!
The report is based on information by one so-called energy expert Danny Price who is putting forward an Emissions Intensity Scheme. It is claimed that the scheme has the backing of a diverse group including the Business Council, the CSIRO and even the National Farmers Federation.
Four Corners is laying the threat of a price rise fairly at the feet of the Turnbull Government calling it a “policy vacuum”.
Minister for the Environment and Energy Josh Frydenberg cites a report released last week by the Clean Energy Regulator which details Australia’s progress towards its 2020 renewable energy target and the report found that large-scale renewable energy investment was five times greater than that of 2015.
More than $4 billion was committed over the last year, which in time will add more than 2000 megawatts of capacity to the grid.
Of the 98 new power plants accredited in 2016, 86 were solar, reflecting the rapidly declining cost and increased capacity of photovoltaics.
Small scale renewable investment was also strong with 182,000 new installations in 2016, many of which were in regional areas.
There are now across the country 2.6 million small scale renewable systems covering around 15 per cent of Australian homes.
These rooftop solar panels and household hot water systems generate over 5000 megawatts of power, nearly twice the size as the nation's largest power station.
Australia has become a top 10 destination in the world for renewable energy projects ahead of other resource-rich economies like Norway and Canada.
Hardly a “policy vacuum” when it comes to renewables, but the lack of planning for coal- and gas-fired power plants is a major driver behind these price rises.
Four Corners has even gone so far as to predict the outcome of an energy review that won’t even be released until June.
The Review by Chief Scientist Alan Finkel is “likely to conclude that Australia is now paying the price for a lack of decisive government action in climate and energy policy”. Since when does the ABC have a crystal ball?
We’d love your feedback below. Do you think the emphasis on renewable energy targets is driving up the cost of electricity? Or is it poor planning by governments when it comes to cheap coal- and gas-fired generators?
http://www.joshfrydenberg.com.au/guest/mediaReleasesDetails.aspx?id=347
