LABOR’S ENERGY PLAN: LOWER POWER PRICES, LESS POLLUTION, MORE JOBS

Today Labor is announcing new policies to boost renewable energy generation and storage, create new jobs, and put downward pressure on power prices.

 

A Shorten Labor Government will:

 

Modernise the energy market rules to give more power to consumers.

Create Renewable Energy Zones to drive investment and jobs in the sector.

Change the Clean Energy Finance Corporation’s investment return benchmark so it can invest in more generation and storage projects.

 

While the Government fights with itself and blames everyone else, Labor is outlining a positive alternative to tackle out of control power prices, reduce pollution and create more jobs for Australians.

 

The National Energy Market rules were written in the mid 1990s. They are out of date and put too much power in the hands of the big generators at the expense of householders and consumers.

 

Labor will update the rules to reflect modern Australia – the growth in renewables and other technologies, our energy priorities, and the decisions that households and consumers are making every day.

 

Labor will also adopt the Chief Scientist’s recommendation to set up a series of Renewable Energy Zones – based on both existing generation and storage, and the potential for new development.

 

These Zones will help coordinate investment in generation and storage, make transmission more efficient, and signal to investors the future sites for job-creating projects. 

 

The Clean Energy Finance Corporation needs to be allowed to do its job – investing in successful generation and storage projects. 

 

Under this government, the investment return benchmark has been set too high – holding back the crucial investment that Australia needs in new generation and storage.

 

Labor will return the benchmark to its original setting – the weighted average of the Australian government bond rate.

This is a sensible benchmark that will unlock more investment and create more jobs.

 

The Government’s failures on energy are resulting in higher power prices, higher pollution and uncertainty over future investment.

 

The Government is:

 

Failing to create certainty buy refusing to negotiate a fair-dinkum Clean Energy Target.

Failing to resolve the current gas price crisis by refusing the use the export controls available to them.

Failing to secure future gas supply at reasonable prices by refusing to introduce a National Interest Test.

 

Labor is ready to work with the Government on a credible energy plan for Australia.

 

But if the Turnbull Government can’t deliver an energy plan for lower power prices, less pollution and more jobs – a Shorten Labor Government will.