Despite the predictable bias in these reports, the policy sounds good to me! I guess it should, since I touted a similar proposition in an my post titled "Baseload Equivalence Test".
Under the plan, energy retailers will be required to buy a minimum amount of baseload power from coal, gas or hydro for every megawatt of renewable energy, and the RET will not be renewed after its expiry in 2020.
Here is a summary of the state of play (courtesy The Australian ); -
- Energy retailers will be forced to buy a minimum amount of baseload power from coal, gas or hydro for every megawatt of renewable energy
- No taxpayer subsidies for renewable energy from 2020
- No clean energy target
- A reliability guarantee and a separate emissions guarantee that will force retailers to buy a minimum amount of dispatchable power to reliably deliver baseload supply
- A 0.2 per cent reliability regulation on retailers to inoculate the system from blackouts and give a lifeline to coal power.
- Estimated to cut retail energy bills of between $100 and $115 a year.
These sound like sensible measures, nevertheless they will receive widespread condemnation from climate change advocates and indeed the many vested interests who would very much like to continue their subsidies.
I am sure it will be loud and long! Hopefully the LNP will hold its ground.