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Renewables driving lower prices mean we must drive transition further, not prop up coal

Media Release
Adam Bandt 28 Apr 2021

Latest power price reports, showing again how renewables are driving down wholesale prices across the National Electricity Market after wholesale prices doubled following the Liberals’ repeal of the carbon price, should encourage the government to drive the transition faster and not prop up coal and gas, Greens Leader Adam Bandt said today.

The Greens fears that the Morrison government - which brags about lower wholesale prices despite driving them up after the carbon price repeal and opposing renewables at every step - is now getting ready to increase prices and pollution by propping up coal and gas generation.

Labor, who has already propped up Australia’s dirtiest power station by handing over undisclosed amounts to Energy Australia, owned by Hong Kong billionaire Michael Kadoorie, must now join the Greens in fighting the latest coal push from the Morrison government.

"Instead of bragging about power prices coming down because of renewable energy, Angus Taylor should be red-faced after doubling wholesale power prices by repealing the carbon price and then opposing renewables every step of the way," Mr Bandt said.

“After doubling power prices and doing everything they could to block renewables, the Liberals now expect a pat on the back when solar and wind start driving prices down again.

"Even worse, the government talks up lower prices from renewables while simultaneously getting ready to prop up dirty coal generation by handing public money to the billionaire coal and gas corporations.”

"We don't need payments to coal generators, we need the government to lead more investment in renewables and storage. As today's prices have shown, renewables are cheaper, cleaner and the future for Australia. More renewables means lower prices."

"We should be driving the transition further and faster, not trying to block it. We are in a climate emergency."

"Labor must oppose the latest coal push. Labor already has form propping up Australia's dirtiest power station in Victoria and they must stop supporting Scott Morrison on coal and gas."

The Government - with Labor’s support - is passing legislation to allow public money to go to fossil fuel projects. The Energy Security Board is also due to release its report on post-2025 market design for the National Electricity Market in the coming days, with reports today  suggesting the government may be concerned about so-called ‘early’ closure of coal-fired power stations.

Wholesale power prices doubled after the Liberals repealed the carbon price.

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