ANALYSIS: What the government should do to rein in your soaring power bills
Three major announcements in as many days last week about the future of our economy should have provided the catalyst and a clear pathway for some urgently needed action. But that never happened.
Our inflation problem largely is being driven by soaring energy costs and not just for petrol. Gas — used for large scale industrial purposes and electricity generation — has skyrocketed. There's no end in sight. Energy retailers will have little option but to continue pushing through ever greater price hikes in a bid to cover their costs.
While it is a fossil fuel, gas is far more efficient than coal when it comes to electricity generation. That's primarily because — unlike coal plants — you can turn gas-fired plants on and off with ease. For all the excuses about Vladimir Putin's invasion of Ukraine and western sanctions against Russia being to blame for soaring Australian power bills, the price we pay for our own gas doesn't have to be determined by foreign events.
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