Articles filed under Impact on Economy from Australia
The ACCC – whose chairman Rod Sims has long been a critic of the Renewable Energy Target and associated schemes – has also called for the Small-Scale Renewable Energy Scheme, which was due to run until 2030, to be wrapped up by 2021 – almost a decade earlier than planned.
Victorian taxpayers will cough up hundreds of millions of dollars to help pay for the Andrews government’s upcoming solar and wind farm auction. ...The move will punch a $250-350 million hole in the state Budget, and experts warn the full cost could be much higher.
Labor’s plan to produce 50 per cent of electricity from renewables by 2030 has been dealt a blow by the national power market operator, which has warned that Queensland’s push for the target could lead to higher electricity prices and an unstable network.
Now is the time to debunk Labor’s myth-making and expose the true cost that its energy policies will have on Australian households and businesses.
“While emissions-reduction policies are politically fashionable, the obvious result of the EU’s policies has been ... growing backlash at the soaring cost of the renewable-heavy mandates. The backlash is also coming from rural landowners who are inflamed by the encroachment of large wind-energy projects on their neighbourhoods. This backlash has forced European policy makers to begin scaling back their plans.”
BHP Billiton chief executive Andrew Mackenzie is furious that another failure of the electricity network in South Australia resulted in the prized Olympic Dam mine being without power for more than four hours overnight.
Rising energy prices fuelled by South Australia's ambitious renewable energy target have helped send stricken Whyalla steelmaker Arrium cap in hand to governments seeking $150 million-plus in taxpayer aid. Higher energy prices may have added as much as $12 million to Arrium's annual costs, with rising gas prices and South Australia's wind and solar power among the main culprits.
"[South Australia] has moved so far ahead of the rest of Australia in terms of changes of generation", with a prominent role for renewable energy which has forced the closure of coal-fired power stations, he said. "Not only are they paying through the nose for their electricity, but with large price declines last year, and now the big rises this year – you can't get stability in household budgets.
South Australia has increasing reliance on wind as a power crisis looms. The national energy market regulator has warned that South Australia is likely to face continued price volatility and “significantly lower” electricity availability with the retirement of two gas and coal power stations and an increased reliance on wind.
In short, if campaigners get their wish and fossil fuels are phased out by 2040, the world will face an energy gap of at least 9.2 billion tonnes of oil equivalent. That is the equivalent of 147 countries with no energy. To illustrate, an energy gap like that would mean that the 56 nations of Africa, the 44 nations of Latin America, the 12 nations of the Middle East and 35 nations in Asia, including China, would have to exist without energy.
The Australian Renewable Energy Agency (ARENA), set up to support new and emerging renewable technologies into production and deployment, including funding world-leading solar research, is set to be scrapped, a cut of A$1.3 billion.
"Look, the Renewable Energy Target is - it's corporate welfare on a massive scale directed towards the renewable sector. I don't know why anyone would have any level of sympathy for businesses that - they don't employ many people, that they don't export anything and they've surreptitiously imposed these massive costs on energy consumers for the sake of lining their own profits."
Maurice Newman also says climate change policies driven by "scientific delusion" have been a major factor in the collapse of Australia's manufacturing sector. Mr Newman said protection of climate change policies and the renewable energy industry by various state governments smacked of a "cover-up". Mr Newman's comments follow those of Dow Chemicals chairman and chief executive Andrew Liveris, who said Australia was losing its natural advantage of abundant and cheap energy.