Energy Minister Angus Taylor has restated his goal: to lower electricity prices while keeping the lights on.
In a media statement titled ‘Cut the energy virtue signalling and start serving customers’, Taylor made it clear his only interest is in reducing prices.
He warned retailers that while the Liberal Party is generally against market intervention, the government won’t hesitate to intervene against “price gouging”.
The government plan includes:
- Preventing unreasonable late payment penalties.
- Strengthening the powers of regulators.
- Cracking down on over-investment in distribution and transmission.
- Establishing a price safety net so customers can get the best deal.
- Holding retailers to account.
- Establishing a fair market price.
- Forcing divestments if necessary.
The government will also support investment in baseload power. This may include coal, gas, hydro and solar power.
Government will dump the RET after 2020
Meanwhile, the Minister said yesterday the government won’t extend the RET beyond 2020.
During Parliament question time Greens MP Adam Bandt asked him if he would agree to extend the RET to 2022. Taylor’s reply was that government would not be replacing the RET “with anything”.
While Taylor has made it very clear he means business on prices, his interest in reducing emissions appears close to zero. He states that “emissions reductions are the least of our problems”.
He believes we will reach our 26 per cent target before 2030, a belief backed up by the latest Clean Energy Regulator statistics.
Unaffordable power bills have been driven by “Labor’s virtue signalling”, and “corporate greed dressed up as saving the planet”.
Are lower electricity prices all that matters?
The government’s message is clear it believes customers’ main concern is high energy prices. While this is true and is leading to increases in solar installations, Australians are also concerned about climate change and emissions.
Key findings of research by the Australia Institute shows 73 per cent are concerned about climate change. 78 per cent are also concerned about climate change increasing drought, and 70 per cent think the government needs a plan to replace old coal plants with clean energy.
The Morrison Government also says renewables are driving prices upwards. But findings from the Australia Institute show otherwise.
One thing is certain: with the government intending to dump the RET after 2020, now is a good time to install rooftop solar panels to both save money on bills and help reduce emissions.
