The high price of electricity and gas threatens to drive further inflation and could prompt interest rate rises
The ministers are expected to hear federal climate and energy minister Chris Bowen list his priorities. TheSecurity Board and regulators will also outline progress on a range of changes including the potential for a so-called capacity market in eastern states that would reward generators for setting spare capability to meet sudden gaps.
Ahead of the meeting, scheduled for 4pm AEST, Victoria’s energy and environment minister, Lily D’Ambrosio, highlighted the need for changes to federal settings on gas, saying not enough was being reserved for Australian use. Western Australia sets aside 15% of production for domestic use but there are no formal limits for the eastern states.
Her Queensland counterpart, Mick de Brenni, said help to quicken the take-up of renewables should be a priority. Ai Group’s Reed said the change of federal government should usher in closer coordination across states, territories and the commonwealth. “Firstly, it must be consistent with our emissions reductions ambitions, including net zero by 2050 and a strong roadmap to get there,” he said.“Third, it must be a bridge to dispatchable technologies like hydrogen, batteries and pumped hydro, not an indefinite subsidy for old technologies,” Bowen said. “And fourth, it must actually ensure that generators dispatch when needed.”
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