$320 Billion Spend Earmarked

Climate Change & Energy

Minister for Climate Change and Energy Chris Bowen must explain how a spend of $320 billion to deliver Labor’s energy policy will impact power bills.

The Australian Energy Market Operator (AEMO) published the 2022 Integrated System Plan (ISP) yesterday, which assumes Labor’s target for renewables to generate 83 percent of the National Electricity Market (NEM) by 2030.

While the headline figure in AEMO’s media release was $12.7 billion in capital investment for transmission projects, it was less forthcoming about the total spend to enable Labor’s plan which is a whopping $320 billion.

You can’t find the $320 billion figure in AEMO’s report, but it can be derived by applying simple maths to data hidden in a footnote on page 15 of the report.

I call on Mr Bowen to explain how this $320 billion spend will impact power bills for Australian households and businesses.

While the average cost of power dropped by 8 percent for households and up to 12 percent for businesses over the Coalition’s last two years in office, Labor has promised to deliver even further cuts.

The Albanese Government’s pledge to the people of Australia at the time of the election was to cut household power prices by $275, by 2025.

Now that an estimated cost of $320 billion has been modelled by AEMO, it is up to Mr Bowen to explain how this spend will impact people’s power prices.

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