The NEG Won’t Save You

Posted 1 Nov '17
The NEG Won’t Save You

The NEG Won’t Save You

Little chance of savings with the National Energy Guarantee. Even though many thought the National Energy Guarantee will cut their electricity bills substantially, that’s not really going to happen. At least not in the amount Australians expected. The renewable energy expenses are going down and it’s far cheaper to get rooftop solar than pay for grid power. However, Australians are still spending larger parts of their paychecks on electricity. It accounts for more than 40c/kWh, and not just in South Australia.

However, the new energy scheme will do little good for their bills. The new plan will only account for 26-28 percent cut by 2030. Moreover, the Energy Security Board will ensure that the electricity industry stands for only a third of their target. This plan completely dismisses renewable energy and forgets about the consumers. Why is that so? Well, because quite frankly, the power depends on the retailers and generators. And, with that in mind, their perplexing series of hedges and price caps.

Malcolm Turnbull claims that the policy offers complete dependability. It also provides emissions and it meant to be affordable. Still, when unveiled, the new scheme appears to drive Australia into the ground even more. The disaster is inevitable since they are still relying on coal generators. Besides, they cannot ignore climate targets. They also can’t pretend that wind and solar energies are not way more affordable than fossil fuels.

Although some reliability may be saved, the system will be putting all its eggs into one basket. That is, the same institutions that have been playing on the market for the last 10 years. This might provide the reliability they claim it will have, but it will come at a cost. Since the plan doesn’t actually include falling energy costs, it has destroyed any chances of a bipartisan agreement. Therefore, Australia is, yet again, on a road to nowhere.

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