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ACCC diagnoses energy ‘market’ broken, but prescription will make problems worse: Bandt

Media Release
Adam Bandt 11 Jul 2018

ACCC diagnoses energy ‘market’ broken, but prescription will make problems worse: Bandt

Greens Acting Leader and climate change and energy spokesperson Adam Bandt MP today said that the ACCC report shows that treating electricity like a stockmarket has failed, but that it calls for more of the same in the vain hope of a different outcome. Mr Bandt also said the government must rule out the ACCC’s proposals to axe support for rooftop solar and to provide new public funds to gas- and coal-fired power stations

“Electricity is an essential service and bringing in more companies to make more money out of selling it won’t cut power bills,” said Mr Bandt.

“Treating electricity like a stockmarket is what got us into this mess and praying to the market gods again isn’t going to bring down power bills.

“Calling for more competition to bring down prices is like seeing a patient who is sick from smoking and telling them if they change cigarette brands they’ll get better.

“Government should step in to reregulate electricity prices, not to take money from schools and hospitals and give it to gas- and coal-fired power stations.

On axing of the rooftop solar subsidies & the creation of new subsidies for ‘dispatchable’ power:

“The Government must immediately rule out this Trump-like proposal to cut support for rooftop solar and instead provide new subsidies for gas- and coal-fired power stations.

“To bring down power bills and cut pollution, we need more renewable energy, not less.

“Any subsidies for dispatchable power should only go to renewables with storage or to off-river pumped hydro, not to fossil fuels.

“If big industrial companies are to get finance for reliable, low cost power it should be for clean, cheap renewable energy, not dirty old coal.”

Media contact: Gideon Reisner, 0429 109 054

TW: @AdamBandt FB: facebook.com/Adam.Bandt.MP

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