State, federal governments to create Australia’s first clean energy transition plan | micksfoley nicktoscano1 LucyCormack
Australia’s energy ministers have signed off on sweeping reforms to create a national transition plan to phase out fossil fuels, fund projects to bolster the electricity grid through all weather conditions and empower the market operator to hold emergency stores of natural gas.
Wholesale power and gas prices have been surging amid a burst of cold weather hiking demand for heating, a series of outages at coal-fired power stations forcing gas-fired electricity to fill the gap, and spiking fuel prices because of the war in Ukraine.
The policy is aimed at encouraging investment in so-called “dispatchable” power projects including fast-start gas plants, big batteries and pumped hydro, but has raised concerns among environmentalists and the Victorian government because it may also prolong the life of fossil fuels in the energy market.
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