Rudd’s Climate Policy May Triple Energy Prices

  • Date: 01/01/10

Adelaide News: Power prices could triple under the Federal Government’s blueprint to fight climate change, the nation’s electricity market operator says. The independent regulator modelled the impact of Prime Minister Kevin Rudd’s proposed emissions trading scheme and renewable energy targets on the wholesale price of electricity. It found the wholesale price could rise from $30 a megawatt hour to about $90 by 2020.

“Our simulations indicate that substantial change is coming to the electricity supply industry, as higher carbon and market prices drive new investment to cut energy emissions intensity by 40 per cent,” the Australian Energy Market Operator said.

Opposition energy spokesman Nick Minchin said the Carbon Pollution Reduction Scheme would hit living standards while doing little to cut carbon emissions.

“This modelling is very sobering, and I think Australians will be stunned to learn that their power bills could more than triple as a result of Mr Rudd’s climate change policies,” Senator Minchin said.

But the Federal Government, which again will try to get its CPRS legislation through Parliament this year, has pledged to compensate millions of Australians for the impact of its policy.

“The Rudd Government will provide direct cash assistance to most Australian households,” Environment Minister Peter Garrett said.

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