State and federal ministers have come up with no short-term solutions to the energy crisis.
State and federal energy ministers have instructed regulators to develop “at pace” a mechanism in which baseload generators will be paid to keep spare capacity on hand to deal with crises such as the current energy calamity gripping the east coast.with the communiqué stipulating it should explore funding only spare capacity in renewable energy and storage, such as batteries.
Conceived by former Energy Supply Board chief Kerry Schott and pushed by the Morrison government, it would require retailers to pay baseload power providers, including coal, gas, storage and pumped hydro, to either invest in projects or maintain existing facilities. “Looking further back, it is rare to find a day this year on which the pipeline is operating at full capacity.”
Labor is considering rejigging the trigger, so it is activated by price, not supply. It is also likely to forge ahead with a domestic gas reserve but only for new and expanded gas projects. “It’s as we deplete existing resources and don’t bring on new resources that you find yourself in this situation.”
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