TURNBULL BACKFLIP GUARANTEES HIGHER ELECTRICITY PRICES

Media Release.

Mark Butler MP.

Shadow Minister for 

Climate Change and Energy

Date: 8 December 2016

Malcolm Turnbull will stop at nothing to keep his job, including forcing Australian families and businesses to pay billions more in power bills. 

The Turnbull Government’s pathetic and gutless withdrawal of support for an emissions intensity scheme (EIS) comes in light of the news that Mr Turnbull knew that such a scheme would save households and businesses across the country up to $15 billion in electricity bills over a decade. 

For months, Mr Turnbull has been sitting on advice from the Australian Electricity Market Commission (AEMC) that an EIS would deliver significant cost of living relief for families and reduce costs for business. 

An EIS has also been recommended by Chief Scientist Alan Finkel, in his Preliminary Report into the Review of the Future National Electricity Market. 

“An emissions intensity scheme will have the lowest impact on average residential electricity prices.” - Dr Alan Finkel. 

This is the scheme that Malcolm Turnbull fervently said this week he would never support. 

Instead of listening to his own experts, Malcolm Turnbull is listening to the right-wing radicals like Cory Bernadi who are now in charge of the Liberal Party.  

The experts are saying loud and clear that a decision to do nothing to tackle climate change will actually lead to higher power prices, less investment and more unreliable energy.  

By doing nothing, Mr Turnbull is promising more pollution and higher power prices. 

As Dr Finkel’s review highlights, investment in the electricity sector has stalled due to policy instability and uncertainty around a renewable energy target post-2020, and a lack of clarity about policies to reduce emissions: 

“The lack of clarity about emissions reduction policy beyond 2020 has been a major contributor to the current investment uncertainty in the electricity sector.” 

“Policy stability and predictability is necessary to ensure that investors have confidence to build the assets that will deliver the required security and reliability of the electricity supply.” 

“There is evidence that investment in the electricity sector has stalled and investors have become less responsive to investment signals. This is due to policy instability and uncertainty driven by numerous reviews into the RET and a lack of clarity about the policies to reduce emissions after 2020. 

“Current policy settings do not provide a clear pathway to the level of reduction required to meet Australia’s Paris commitments.” 

The old Malcolm Turnbull was a strong supporter of market-based mechanisms for tackling climate change.  

The new Malcolm Turnbull believes in nothing and will do anything to keep his job – even trash policies that save the environment and save money. 

Malcolm Turnbull’s gutless decision to do nothing will increase pollution, hurt the economy and jobs, and make the cost of living more expensive.