Media Releases

POWER PRICES UNDER ANGUS TAYLOR

July 29, 2019

Power prices for Australian households and businesses have skyrocketed ever since the Coalition Government came into office. Average wholesale prices have increased by 158% across the NEM states since the Liberals energy crisis began in 2015.

 

Percent increase in average wholesale prices under the Liberals energy crisis
(since 2015)

 

NSW

QLD

SA

TAS

VIC

Average across states

Dollar increase ($MW/h)

53.39

27.77

70.51

52.85

79.46

56.80

Percent increase

152%

53%

179%

142%

262%

158%

 
Source: AEMO Data Dashboard; Average annual wholesale prices.
 
The Prime Minister gave Angus Taylor one KPI - and that was to be the minister for “lower power prices.”
 
This divided Government has had 14 energy policies and by dumping Malcolm Turnbull, gave up on a consistent national approach to energy policy.
 
Scott Morrison himself said the National Energy Guarantee had the broadest support he had seen in his time in Parliament and “if you’re not for the National Energy Guarantee, then you’re for continued uncertainty which leads to higher prices”.
 
Scott Morrison and Josh Frydenberg trumpeted last year modelling they had had commissioned from the Energy Security Board that clearly showed that the big problem with power prices was the lack of a coherent national energy policy. 
 
The modelling showed the National Energy Guarantee would reduce household power bills by $550 per year on average.
The NEG modelling also said bills would go up $300 without the policy. Those increases are already in the market, hitting people’s wallets. 
Just last week BHP chief executive Andrew Mackenzie said that the Morrison Government's decision to dump the National Energy Guarantee would lead to higher prices and less reliable energy supplies.
 
The Government’s only plan, as we saw the Energy Minister Angus Taylor admit in Question Time, is to have an “open mind” on even more expensive nuclear power stations, which will only continue to drive up power bills.
 
It’s time Angus Taylor took some responsibility for his portfolio and returned back to the National Energy Guarantee to deliver power price relief for struggling Australian households.

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