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Home General News This week’s big energy announcements? Just another nail in the coffin of...

This week’s big energy announcements? Just another nail in the coffin of low-cost power



The government’s energy policy announced this week is another milestone in the demise of what was once the world’s lowest-cost energy market. The slow fuse priming the bomb was lit in 2001, when Prime Minister John Howard Mandatory Renewable Energy Target (MRET) requiring electricity retailers to include two per cent of exotic renewables (wind and solar) into their electricity supply.  This gave a 50 per cent subsidy – paid for by customers — to these renewables.    

At that time renewables were confidently forecast to be fully competitive within a few years.  Twenty years later wind and solar still require assistance to compete with fossil fuels and their further shortcomings of variable power supply have…



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