Statement on AEMO June 2024 quarter report

Today’s AEMO Quarterly Energy Dynamics report highlights the unreliability of a reckless
renewables-only approach taken by the Albanese Labor Government.

The price for producing electricity has been driven up by 23% from the same quarter last
year overall.

Albanese’s $300 energy handout doesn’t even scratch the surface to help Australian families
who are suffering now.

Western Sydney residents are already paying $1,000 more than the Labor Government
promised at the 2022 election after backing away from a $275 reduction in bills.

More than 600 families have been going into financial hardship with their energy retailer
every week since this Labor Government took office.

People are paying more, there’s still a threat of power shortages, and the Albanese Labor
Government is trying to tell Australians that everything is great.

I met with homelessness organisations from Western Sydney last week, and everything is
not great, and these high power prices just make things harder.

The use of gas has grown 16% to firm up the market given ongoing reliability and rollout
issues with renewables. Labor’s actions are compromising unlocking new gas supply for the
country and harming our nation’s energy security. Manufacturers are in desperate need for
cheaper gas to operate their businesses and keep Aussies in jobs.

We are seeing electricity from wind down 20% and hydro down 18%. This demonstrates the
need for sustainable 24/7 baseload power to ensure Australian households and businesses
are not smashed with ever increasing energy costs.