Economy

Energy plan to save up to $115 a year

Energy plan to save up to $115 a year”

The Coalition party room agreed on Tuesday, October 17, to discard their clean energy legislation, replacing it with what Prime Minister Malcolm Turnbull said was a more "neutral" and "affordable" plan called the National Energy Guarantee (NEG).

Liberal MP Craig Kelly, chair of the Government's backbench committee on energy, said that MPs were hopeful that the final policy - months in development by Mr Turnbull and Energy Minister Josh Frydenberg - would reflect the Australian public's desire for cheaper energy.

"It's a way to ensure we have the lowest cost way of keeping the lights on, keeping our (Paris) commitments and above all making sure energy is affordable", Mr Turnbull told reporters in Canberra on Tuesday.

Last year, the entire state of South Australia lost power on one night, triggering a bitter feud between state and federal governments over blame.

The level will be set by the Australian Energy Market Commission and Australian Energy Market Operator.

"[The new plan means] we keep the lights on and we can afford to keep them on, and that we meet our global commitments under the Paris agreement to cut our emissions", Mr Turnbull said.

The government's new energy plan will force electricity retailers including Origin, AGL and Energy Australia to ensure they have a reserve of on-demand power from dispatchable sources such as coal, gas or renewable batteries.

"And if they don't, they will have competitors who will get in front of them".

Mr Andrews said the new energy policy would not be successful in what the Commonwealth says is its central aim, to cut retail electricity bills.

Mr Turnbull's government accepted the other recommendations from Dr Finkel's review.



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