The tech billionaire says a heavier tax on gas, electrification of home, and a “balanced” capacity market should be part of the solution – but rules out nuclear.
on insufficient investment in renewable energy, very high coal and gas prices, and “broken” coal generators.
“That’s one case that could generate significant income quite quickly, and the income would go down as the relief is needed,” he said, pointing to the households and businesses struggling to pay their energy bills.Mr Cannon-Brookes, whose private firm Grok Ventures owns 11.28 per cent of AGL, said the problem in the eastern states’ energy market now was not a shortage of coal but coal plants breaking down because they were so old.
“I think it’s an interesting conversation. I think it needs to be explored quite deeply. It would be good if it was balanced correctly, to not maintain existing expensive resources.”But nuclear power made “no sense” for Australia, being a “super-expensive” source of energy and a technology where the country had no advantage, he said.
But he rejected the idea that increasing the production of natural gas was part of the answer, calling that “absolutely bulls---” because it was not going to solve the longer-term problem of decarbonisation.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cannon-Brookes rates alongside Musk, Gore, says ESG leaderThe younger generation of consumers and shareholders will drive sustainability, but older investors and firms need to meet them halfway, an ESG expert has said.
Read more »
Albanese to meet manufacturers as gas crisis continuesPrime Minister Anthony Albanese and Energy Minister Chris Bowen will meet industry and manufacturing representatives on Thursday as the energy crisis gripping the east coast shows no sign of abating.
Read more »
Five states threatened by power outages from Tuesday nightResidents across the nation are being asked to preserve power use after the energy market regulator said five states could be hit by blackouts from Tuesday night.
Read more »
Gas crisis LIVE updates: Decade of ‘very poor’ policy blamed for energy crisisAustralian Energy Council says price cap causing some generators to withdraw plants; ex-RBA board member says 10 years of “very poor” climate, energy policy to blame for crisis. Follow updates here.
Read more »
Gas crisis LIVE updates: ‘Bumpy’ winter ahead as energy crisis bitesNSW, federal energy ministers confident blackouts can be avoided in the immediate future; same policies but new tone flagged for China relations. Follow updates here.
Read more »
Australia news live updates: power shortfall warning as energy crisis escalates; Robert Hughes set for releaseElectricity shortfalls are predicted in NSW and Queensland as a long cold snap rolls on
Read more »