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Australia’s biggest electricity system ‘on life help’ as states take control of the energy transition & More Trending News

 

A number one Australian energy skilled says the nation’s biggest electricity market is on life help as state and federal governments more and more take control of the transition to renewable energy.

Tony Wood from the Grattan Institute mentioned yesterday’s announcement by the Victorian authorities that it will renationalise half of the state’s electricity system was the newest signal governments had “given up” on the market.

“I don’t think [the market] is dead but I think we’ve got the coffin prepared, we’ve booked the church,” Mr Wood mentioned.

“We’re just not sure what sort of death it will be.”

Under the announcement, Victorian Premier Daniel Andrews mentioned a re-elected Labor authorities would spend $1 billion on renewable energy property and discover the risk of promoting electricity on to shoppers.

Mr Andrews unveiled the plans as half of a way more bold renewable energy goal, which might be lifted to 95 per cent by 2035 and contain the closure of all coal-fired energy in the state.

The premier mentioned Labor would additionally re-establish Victoria’s State Electricity Commission in a bid to drive the adjustments.

“We’ll bring power back into the hands of Victorians by creating government-owned energy – keeping bills down and the lights on,” Mr Andrews mentioned.

Mr Wood mentioned the announcement, whereas extra bold, was in keeping with choices by different governments at a state and nationwide stage in current instances to sideline non-public energy corporations.

Victoria’s biggest energy plant, the coal-fired Loy Yang A, is ready to shut a decade early in 2035.

States ‘quit’ on energy market

Among them was the Queensland authorities’s resolution final month to bump up its inexperienced energy goal to 80 per cent by 2035 and plough greater than $60 billion into renewable energy and transmission initiatives.

But Mr Wood famous New South Wales was additionally underwriting large investments in photo voltaic, wind and battery storage developments.

Australia’s biggest electricity system ‘on life help’ as states take control of the energy transition

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Australia’s biggest electricity system ‘on life help’ as states take control of the energy transition

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Australia’s biggest electricity system ‘on life help’ as states take control of the energy transition

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