Treasurer Josh Frydenberg said the rise in wholesale coal prices was due to the conflict in Ukraine and electricity prices for households had fallen by around 8% over the past two years.
“The key here is to make the transition right, and that’s especially important as we move to net zero emissions,” he told the National Press Club, highlighting the closure of the Hazelwood coal-fired power station in Victoria. , which has seen a spike in wholesale prices.
“Our goal is to ensure a proper transition, to ensure dispatchable energy like gas, to bring more renewables into the system, to have backup storage like pumped hydro and Snowy 2.0, which , will hopefully ease this transition because it’s inevitable we’re moving to a smaller carbon footprint.
“It’s a good thing for the environment but also, ultimately, a good thing for the economy.
“Shadow Treasurer Jim Chalmers said keeping electricity prices low requires long-term policy and planning, and cleaner energy sources were part of that mix.
“Bringing cleaner, cheaper energy into the system is Australia’s biggest opportunity over the next decade or two, and I think Australians are angry that we’ve been getting carried away with this for a while. decade now,” he said.
“If we get this cleaner, cheaper energy, we’ll unlock tens of billions of dollars in investment. We’ll create hundreds of thousands of jobs and make energy cheaper, from retirees to working families and more. by companies.