Wholesale energy prices hit new highs months before the federal election, further intensifying the cost-of-living clash between Labor and the Coalition.
Unreliable coal plants and the slow rollout of renewables are combining to drive energy prices up, new data shows, setting up a cost-of-living clash at the upcoming federal election as Labor pushes clean energy to cut bills and the Coalition calls for greater reliance on coal before a switch to nuclear.report, released on Thursday, said average wholesale energy prices in the last three months of 2024 were up 83 per cent on the same time in the previous year.
High power prices are a political headache for the Albanese government, which promised in the 2022 election to cut power bills by $275 by this year.A key measure to cut power bills is the government’s pledge to raise the share of renewables to 82 per cent of the grid by 2030, but project building delays have slowed the rollout.
It’s unclear how the Coalition would proceed with building, given state and federal governments have banned nuclear generation. Littleproud’s claim also contradicts the, which states it will conduct feasibility studies and community consultation for 2½ years before it commences building.
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