Coalition’s $1 billion energy promise fails to power up | CroweDM
A federal policy to spend $1 billion on new energy projects has failed to add any power to the national electricity market more than three years after the Coalition unveiled the plan with a promise to fix supply shortages and ease pressure on prices.
Most of the new capacity came from battery storage such as the Victorian Big Battery and the Tesla project in South Australia that Morrison once likened to the “Big Banana” because he said it would not solve the problem of making energy supply more reliable.A key pledge from the former government was to invest $1 billion in projects that were meant to add 3.8 GW to the grid under the Underwriting New Generation Investment program launched in March 2019.
Alinta Energy had two gas projects on the list – an expansion to its Bairnsdale power station in Victoria and a new generator in Reeves Plains in South Australia – but said on Monday the plans would depend on the current debate between federal and state leaders over a capacity mechanism to offer financial rewards for reliable supply.
Labor expects to back the Marinus Link as part of its policy to invest $20 billion in transmission upgrades.
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