The long-awaited Finkel review of Australia's electricity market will promise lower energy prices for households and business under a new Clean Energy Target, compared to under an emissions intensity scheme or the current business-as-usual scenario.
|The Finkel review of the electricity sector will |
promise a new clean energy target to put
downward pressure on prices.
Power generators looking to shut a coal-fired power plant would have to give three years notice before doing so, to avoid a repeat of the Hazelwood shutdown, which took place in just six months, and to ensure energy security.
Chief Scientist Alan Finkel's review will be released at a Council of Australian Governments meeting in Hobart on Friday. It will offer a path forward for the Turnbull government to end the political stand-off over climate policy, while finally delivering business and investors certainty on energy policy.
It lays out a trajectory that would see the power sector reduce its emissions by 28 per cent by 2030, against 2005 levels, in line with Australia's Paris Accord commitments. This implies the electricity sector merely do its "fair share" of cuts even though it's been widely expected generators would do more of the heavy lifting.
Read the story by James Massola and Peter Hannam in today’s Melbourne Age - “Finkel climate review outlines Clean Energy Target to put downward pressure on prices.”