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Surprise Surprise, power prices rise

Victoria's wholesale electricity costs jumped 43% this quarter, contradicting government price reduction promises. Lack of a practical energy plan, by Labor for failing to manage the state's energy transition effectively.

By news@gippsland - 25th July 2024 - Back to News

Energy costs in Victoria have risen again, with the Australian Energy Market Operator reporting a 43% surge in wholesale electricity costs for the April to July quarter this year compared with last year. The Nationals' Member for Morwell, Martin Cameron, said the massive spike in power prices was more evidence the state government's promise to reduce energy prices is in tatters.

Martin Cameron argues the spike in power prices proves the government's promise to cut costs is failing, despite assurances from Minister Lily D'Ambrosio

Rising energy prices

Mr Cameron said, "The Minister for Energy, Lily D'Ambrosio, keeps telling us that power prices are going "down, down, down", but the opposite is happening and there is no sign of downward trends emerging," he said. A shortfall of both wind and hydro power this quarter also led to a greater reliance on gas-fired generation, meaning increased wholesale gas prices on the quarter prior.

"Despite this, it seems Labor is still hell-bent on ripping Victorians off gas and off coal without a plan to keep the lights on. The idea that a revived State Electricity Commission will deliver enough renewable energy to meet demand in time for the accelerated closure of our power stations is fanciful."

"Nearly two years since Labor announced it would revive the SEC, it has done next to nothing to shore-up our energy supply. I support a sensible and considered transition to renewables, but Labor's plan is neither sensible nor considered and the goal to achieve net zero emissions by 2045 is based on ideology and not reality. Labor can't manage money, can't manage the state's energy supply, and Victorians are paying the price," Mr Cameron said.

Pictures from Energy Australia Facebook page.

Source: http://gippsland.com/

Published by: news@gippsland.com