New analysis shows the number of committed new energy projects has plummeted by 95 per cent in the 2020 financial year because of the Morrison Government’s refusal to introduce a national energy policy.
There is no doubt this investment freeze, which could be avoided if Scott Morrison brought to the table a genuine national energy policy, will mean higher power bills for Australian households and businesses.
The figures speak for themselves - just 151MW of new generation is committed in the current financial year from two projects, compared with 4300MW across 46 plants in the 2019 financial year.
Investment giant QIC has also warned the investment freeze will “impede achievement” of Australia’s emissions reduction target.
These new figures back Bloomberg New Energy Finance’s analysis from last week which showed investment in renewable energy projects collapsed by 60 per cent in 2019.
Investment in renewable energy and storage would result in lower power bills.
Instead, power prices are going up and thousands of jobs are likely to be lost.
For seven years the Liberals have launched 18 energy policies, which have all failed.
All Scott Morrison has delivered is soaring power bills and a collapse in renewable investment and jobs.
As ageing and increasingly unreliable coal-fired power stations exit the system, Scott Morrison needs to show some leadership, put an end to his Government’s internal divisions and provide the energy sector with the certainty it needs to invest in the renewable energy and storage we need to power our future.
WEDNESDAY, 22 JANUARY 2020