Ex-AGL chief slams government’s ‘recipe to destroy’ energy policy

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“We’re going to find yourself with some form of coverage, impacting the power trade, that pertains to local weather change and other people would similar to to know what that’s and have some stability about it so you may make some funding selections in a secure atmosphere.”

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Talking at APA’s annual basic assembly on Thursday, Mr Fraser slammed the political instability that has disrupted Australia’s power market.

“To state the apparent, power coverage in Australia is in disarray at each a federal and state authorities degree, and there are penalties which influence all of us flowing from that disarray,” he mentioned.

“I feel that your entire political-regulatory atmosphere was a type of issues that was enjoying into [our share price falling].”

Debate has ‘coarsened’

Mr Fraser’s feedback have been supported by energy generator Alinta’s head of retail, Jim Galvin, who mentioned the talk on power has “coarsened”.

“How can we arrest the dysfunction that has delivered us a brand new power coverage acronym each 24 months, and simply once we’ve realized what the acronym stands for, it resulted within the Prime Minister of the day being spectacularly punted off the enjoying area,” Mr Galvin mentioned throughout a CEDA occasion in Brisbane earlier this week.

The governments threats of using a big stick and its plans for reform will hit smaller retailers the hardest.

The governments threats of utilizing an enormous stick and its plans for reform will hit smaller retailers the toughest.Credit score:Nick Moir

“With the dying of every concept, the probabilities have narrowed and narrowed, and the talk has coarsened.”

This intense debate over power coverage has buyers shifting away from fossil fuels, whereas different nations are making the most of the uncertainty and embrace these fuels as cheaper power sources, mentioned Buyers Mutual’s Anton Tagliaferro advised a Morningstar convention.

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“In Australia, the entire coverage has been hijacked by the Greens however we nonetheless export a whole bunch of thousands and thousands of tons of coal to India and China, the place they fortunately burn it and have affordable electrical energy costs. I’m not saying that’s a very good factor however that’s the fact,” Mr Tagliaferro mentioned.

“So quite than spend money on coal shares themselves as a result of the coal value could be very unstable, we desire to purchase [coal-transporting rail freight company] Aurizon, which in the intervening time not too long ago has been very out of favour due to the regulatory selections in Queensland.”

Regardless of this, electrical energy retailer Powership’s CEO Ed McManus mentioned he nonetheless believes COAG can obtain some progress on Friday.

“The contentious problem of the Nationwide Power Assure – emissions targets – is off the desk so I’m hoping we are able to see progress on the reliability element of it to get by means of,” he mentioned.

Federal Power Minister Angus Taylor mentioned the federal government is dedicated to reforming the sector.

“We all know that power reliability is a priority for this upcoming summer season,” Mr Taylor mentioned.

“I stay up for a constructive and cooperative dialogue on these key points.”

Masking power and coverage at Fairfax Media.

Jennifer Duke writes about media and telecommunications.

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