The election has been run and won, so now what?election, electricity, Energy Policy, gas, government, Paris Agreement, renewables
Now that the dust has settled on the Australian election, what did the winners, the Liberal–National Coalition, promise in regards to energy-related policy? Read on to find out.
- A price safety net to protect loyal customers and help families and small businesses make empowered and informed decisions about their energy plans.
- Big stick legislation to stop the big energy company rip-offs and ban sneaky late payment fees.
- Supporting reliable power by requiring energy companies to sign contracts guaranteeing enough energy to meet demand.
- Underwriting investment in new reliable power generation to improve competition, including Snowy 2.0, Battery of the Nation and a shortlist of reliable generation projects.
- 25 per cent reduction in the National Electricity Market wholesale electricity price to less than $70/mwh by the end of 2021 with the Underwriting New Generation Initiative.
- A new Energy Efficient Communities Program will provide $50 million through more than 2,500 grants to eligible businesses and community organisations, helping them save energy and reduce their power bills by installing new equipment or reviewing and improving their energy management.
- The $50.4 million Regional and Remote Communities Reliability Fund will support up to 50 off-grid and fringe-of-grid communities and businesses to investigate whether establishing a micro grid is cost-effective and whether existing off-grid capabilities can be upgraded with modern technology.
- This year we are providing a further $365 million for Energy Assistance Payments of $75 for singles and $125 for couples to 4 million eligible social security payment recipients – to help with their next power bill and cost of living expenses.
- Our policies to support renewables include the Renewable Energy Target (supporting renewable energy to 2030), the Clean Energy Finance Corporation (CEFC) and the Australian Renewable Energy Agency (ARENA).
In addition, following the election, there has been a fair bit of discussion around whether or not Australia is going to meet its carbon emission reduction commitment made as part of the Paris Agreement. Stay tuned for our upcoming blog on that topic.
In the meantime, why not check out Energy Umpire to see if we can find you a cheaper plan for your electricity and gas!