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Dec 21 2017

New Investment Remains Key To Solving Energy Affordability

Enabling investment in new electricity generation remains the most effective way of bringing down energy bills for Australian households and businesses, the energy industry said today.

As agreed at their initial meeting in Canberra on 9 August, electricity retailers will meet with the Prime Minister and senior ministers on Wednesday in Sydney.

Australian Energy Council Chief Executive, Matthew Warren, said the industry would continue to work constructively with the Federal Government on strategies to assist consumers to access the most appropriate energy deals for them in the market.

“Retailers recognise that many customers are doing it tough, and will be stepping up their efforts to draw attention to the cheap energy market deals which are on offer.

“The current spike in electricity bills is the result of a shortage of supply in the generation or wholesale market,” Mr Warren said.

“If you want to fix power bills, you have to fix that problem. New investment to replace Australia’s ageing fleet of power stations is stalled as the result of a decade of national climate and energy policy uncertainty.

“The government’s own independent advice led by the Chief Scientist, Dr Alan Finkel, has recommended a technology neutral Clean Energy Target as a workable policy solution to break this investment impasse.

“Like most other stakeholders we endorse this recommendation and will continue to support the Federal Government in delivering this urgent policy breakthrough as quickly as possible.

“We can and will continue to discuss with the Federal Government how we can improve the way we retail electricity.  We have had competitive retail energy markets in Australia since 2002.  They are not the root cause of the current problem.”

About the Australian Energy Council

The Council represents 21 major electricity and downstream natural gas businesses operating in competitive wholesale and retail energy markets. These businesses collectively generate the overwhelming majority of electricity in Australia and sell gas and electricity to over 10 million homes and businesses.

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