SYDNEY, July 24, 2018 – It’s more of the same from the do-nothing NEG with the Energy Security Board’s latest policy update entrenching climate change inaction, the hobbling of the renewables industry and higher electricity prices.The EBS’s decisions document, released last night, also dives into the politics of the NEG, urging state premiers who believe the emissions reduction target is too meagre to nevertheless support the NEG by falsely claiming that the policy framework will “automatically accommodate” increased ambition.

“This latest ESB paper doesn’t address the fundamental flaws of the NEG. It is still a dirty energy policy, and it does nothing to reduce emissions or lower consumer prices. Annastacia Palaszczuk and Daniel Andrews cannot wave through Turnbull’s NEG – if they sign off on this flawed policy, they own it and the electricity price rises and increased pollution levels that come with it,” Greenpeace Australia Pacific Campaigner Charlotte Cox, said.  

“They’d be effectively signing over control over Australian energy policy to a Federal party room that contains Tony Abbott.”

Independent modelling by Reputex, commissioned by Greenpeace Australia Pacific, reveals that the NEG with a 45 percent target would see wholesale power prices fall by a quarter to around $60 per megawatt hour by 2030, as more cheap renewables enter the energy mix, while the NEG would oversee prices just over $80.

Modelling contained in the updated ESB document also provides further confirmation that renewables are driving down electricity prices with most of the saving coming from projects in Victoria and Queensland.

“The ESB has essentially endorsed last week’s independent report from Reputex, which showed that putting more renewables into the mix places downward pressure on electricity bills,” Cox said.

“Turnbull and the other coal huggers backing the NEG falsely claim it will bring down power prices while the ESB – the architects of the policy – openly admit that any savings will be driven by the federal government’s 2020 Renewable Energy Target and state-based schemes in Queensland and Victoria.

“The more we hear about this policy the worse it becomes. August 10 is a fake deadline – the Premiers would be crazy to sign off on an economy-shaping policy like this on such a short time-frame, without sufficient time to consider the policy’s details or implications.

“What we are certain about is that this update does nothing to allay fears that the NEG will slow the growth of renewables to a trickle, do nothing to combat climate change and push up families’ electricity bills.”

The states and territories are expected to receive the final version of the NEG early next month, in preparation for the 10 August COAG Energy Council meeting at which a decision on the adoption or rejection of the NEG is expected. All states and territories in the National Electricity Market (NEM) have to agree to adopt the NEG before it can become law.

If adopted and legislated, the NEG will cover all states in the NEM: Tasmania, NSW, the ACT, Victoria, Queensland and South Australia.

 

To read the Reputex report:

www.greenpeace.org.au/research/neg-report

For interviews:

Greenpeace Australia Pacific Communications Campaigner, Martin Zavan

[email protected]

0424 295 422