The Budget 2024: Comment and Feedback on Energy Policies
Attributed to Jack Curtis, co-founder of Neara Cost of living/bill relief p“The Albanese government’s $3.5 billion energy bill relief scheme will alleviate pressure on households and small business owners across Australia struggling to manage rising electricity prices. Yet despite the short-term financial support, concerns are rising around the growing cost of the energy transition. The clean energy transition is crucial to Australia’s future. But years of rising energy costs and reduced reliability as we transition from fossil generation to renewables are becoming harder to justify for many. The $300 energy bill relief package for home owners is a great initiative, but it’s not enough. The cost of the clean energy transition could easily blow out within the next six years and continue to increase financial pressure on consumers. Equal focus and investment must be applied to the underlying drivers of rising energy costs, particularly those related to the energy transition, and what can be done differently to mitigate them. To offset costs and stabilise energy prices, the government must source the most efficient, cost-effective pathway to 82% clean energy by 2030. This means embracing a holistic strategy encompassing all generation and network capacity sources whilst leveraging new technology that can optimise both. Put simply, more money needs to go further. Australia doesn’t have the same depth of funds as our overseas counterparts, specifically compared with the United States Inflation Reduction Act. Federal and state governments need to work closely on the strategic deployment of funds by stress-testing each proposed pillar of the energy transition and its potential cost before rolling out the initiative. The renewable energy infrastructure toolkit we’ve been relying on is essential, but it’s expensive, time-extensive, and continues to face increasing headwinds. Australia has alternative solutions to stress-test costs and bring renewable energy online faster. We must actively explore […]