Minister’s coal comments lock in higher electricity prices, deny market reality
Queensland’s Energy Minister, Mick de Brenni, yesterday announced that there will be no plan to close coal fired power stations in the state’s 10 Year Energy Plan, ignoring the impact of coal power on Queenslanders electricity bills.
The announcement comes off the back of the Australian Energy Market Operator’s latest Quarterly Energy Dynamics report attributing Queensland’s high prices to dependence on unreliable and expensive coal-fired power stations.
Queensland Conservation Council Director, Dave Copeman, says, “keeping coal online will force electricity prices higher, adding to inflation and cost of living pressures for Queenslanders”.
“The Queensland Competition Authority will announce retail electricity price rises for regional Queenslanders at the end of May, as a result of the cost of coal fired electricity. This announcement yesterday of Minister de Brenni’s view on the 10 year energy plan would lock in higher prices for the next decade and beyond,” Mr Copeman said.
“This is the reason Queensland, and to a lesser extent NSW, are seeing wholesale prices soar compared to southern states’ low prices, driven by renewable energy.”
“The NSW Government has a clear plan to bring down prices by building renewable capacity and support renewable energy industries. Queensland is going to be isolated as the only state continuing to run expensive and unreliable coal power plants by the end of the 10 Year Energy Plan.” Mr Copeman said.
This announcement is inconsistent the market reality. It’s also against the vast majority of advice and reporting the Minister has received from industry, energy experts, local governments and community groups. The science and economics is clear, without a clear timeline or plan, we won’t have the investment certainty necessary to build renewables and clean industries that the Minister has been so keen to champion.
Media Contact: Dave Copeman 0408 841 595, [email protected]
AEMO Quarterly Energy Dynamics Q1 2022 https://aemo.com.au/energy-systems/major-publications/quarterly-energy-dynamics-qed
The Next Economy What Regions Need on the Path to Net Zero https://nexteconomy.com.au/wp-content/uploads/What-Regions-Need-Report-Full-May22.pdf