Experts cast doubt on Coalition's power price pledge

Energy Minister Angus Taylor has pledged to slash wholesale power prices, but experts say he is seeking to take credit for a result that was already predicted and largely outside the government's control.

The government says it will lower the wholesale electricity price by 25 per cent.

Mr Taylor on Friday announced that a re-elected Morrison government would introduce a "price target" to cut the average wholesale electricity price to less than $70 a megawatt hour by the end of 2021 – a 25 per cent reduction on current levels.

The wholesale market is where energy generators and retailers trade electricity. Wholesale costs comprise about one-third of household electricity bills, and a greater share for industrial customers.

Mr Taylor's announcement was an attempt to refocus public attention on the government's election promise to make electricity more affordable and reliable. The Coalition has been under heavy scrutiny throughout the election campaign for its lack of ambition on climate policy, including the absence of measures to cut emissions from the polluting electricity sector.

Read the story from The Age by Nicole Hasham and Cole Latimer - “Experts cast doubt on Coalition's power price pledge."