Media statement - O'Brien and McIntosh - Wholesale electricity prices soar under Labor

TED O’BRIEN MP
SHADOW MINISTER FOR CLIMATE CHANGE AND ENERGY
FEDERAL MEMBER FOR FAIRFAX

MELISSA MCINTOSH MP
SHADOW MINISTER FOR ENERGY AFFORDABILITY
SHADOW MINISTER FOR WESTERN SYDNEY
FEDERAL MEMBER FOR LINDSAY

MEDIA STATEMENT

18/10/2024

WHOLESALE ELECTRICITY PRICES SOAR UNDER LABOR

A new report has confirmed the dire situation Australian households and businesses face under Anthony Albanese, with wholesale electricity prices soaring.

Released today, the Australian Energy Regulator’s (AER) latest wholesale market quarterly report shows year-on-year prices rose by a staggering 290% in Tasmania, 114% in Victoria and 76% in South Australia.

Alarmingly, South Australia experienced 27 instances of extreme price spikes over $5,000 per MWh, driven by low wind generation and network outages, demonstrating once again that without reliable 24/7 baseload power, renewable energy alone cannot support demand.

Chris Bowen has completely lost the plot as he’s been out there today claiming this dreadful outcome as a win.

Despite promising a $275 reduction in household power bills, Australians are paying up to $1,000 more than Labor promised and now they know it’s only getting worse. 

Gas shortages continue to loom, as evidenced by falling spot prices but a lingering threat to energy security.

With Iona gas storage depleted to dangerous levels in July, only warmer weather and reduced demand saved Australia from the brink of intervention. The need for more gas has never been clearer.

Despite Labor's attempts to kill off gas, the fuel is increasingly relied upon to complement intermittent renewables and that’s why I announced earlier this week that a Coalition Government would include gas in the Capacity Investment Scheme.

By demonising gas and forcing the premature closure of 24/7 baseload power stations, the Albanese Government has placed our entire energy system on a knife’s edge.

Australians are already struggling to pay their bills, Labor's renewable-only agenda is putting the country’s energy future at risk.

The Coalition stands alongside other advanced economies in believing an electricity grid needs a balanced mix of technologies including a source of 24/7 baseload power. Australia’s energy mix should be a balanced mix of renewables and gas, with zero-emissions nuclear energy replacing coal when it retires from the system.

Only our plan for a balanced energy mix will deliver cheap, clean and consistent 24/7 electricity for Australian households, businesses and industry.