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Home»Business»The price of keeping the lights on
Business

The price of keeping the lights on

adminBy adminJune 22, 2022No Comments4 Mins Read
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This only exacerbated market chaos with politicians, including Anthony Albanese, accusing generators of “gaming” the system – meaning yet another review is under way, this time by the Australian Competition and Consumer Commission.

AEMO’s chief executive Daniel Westerman says a step-by-step approach to relinquishing the regulator’s control minimises the risk of the “dysfunctional behaviour” that led to the market suspension last week.

“We know that a well-functioning national electricity market is key to ensuring the lowest-cost energy to Australian homes and businesses,” he said on Wednesday.

But the lowest cost to consumers still translates into nasty sticker shock for all consumers. Households and small businesses across the east coast of Australia will already be forced to adjust to this from July 1 when the new tariffs for default market offers come into effect.

Energy Minister Chris Bowen is correct that the stability of the electricity system will require more renewables, more storage and more transmission.

The Australian Energy Regulator determines the maximum increase permitted for this offer in NSW, south-east Queensland and South Australia for the next financial year. Although only about 10 per cent of retail residential customers and 20 per cent of small businesses are on what is effectively a safety net, the increases normally provide a benchmark for retail prices more generally.

Residential price increases permitted for this default offer range from 7.2 per cent in South Australia to 11.3 per cent in south-east Queensland to between 8.5 per cent and 14.1 per cent in NSW depending on where people live.

For most small business customers, the news is even worse, including rises ranging from 10 per cent to 19.8 per cent in NSW and 12.8 per cent in south-east Queensland. Another body has a similar role in Victoria where the average increase will be 5 per cent. No wonder consumers are confused.

The rationale for such a complicated system is to “protect customers from unjustifiably high prices, while allowing retailers a sufficient margin to enable them to recover costs and offer new products and customer innovations to the market”.

But even with these increases, the collapse of some smaller energy retailers and profit warnings and delay in setting new plan prices by the bigger ones is another indication of the continued conflict between higher wholesale costs and what companies can charge most customers.

Energy Minister Chris Bowen is correct that the stability of the electricity system will require more renewables, more storage and more transmission.

Building enough extra capacity at scale will still take some years rather than months despite the government’s new fund to boost transmission.

Ageing equipment in coal-fired power stations will keep breaking down, along with the economics of that type of generation.

That ensures the need for alternative “firming” power to back up renewables. It is why the Energy Security Board is trying to design a new “capacity mechanism” which would pay generators to have power like gas, pumped hydro and battery storage available when solar and wind power are not.

Lack of private investment

The ESB this week also pointed out the alarming lack of private sector investment in such firming generation. Its report noted that companies had delivered 11.6GW of investment since the start of the national electricity market in 1998 but only 900MW of it occurred in the last decade. Instead most investment has been in wind and solar power.

A much-hyped $1 billion scheme by the Morrison government to underwrite new energy generation has delivered absolutely nothing. The 2019 shortlist of 12 hydro power, gas and coal projects are all abandoned or yet to proceed. Smaller players could not make investments stack up.

While the threat of blackouts, and a new Labor government, have encouraged far more urgent co-operation among regulators, industry and state and federal energy ministers, there’s no quick answer to this problem.

Nor is Australia alone in its energy woes. But Albanese still blames the “decade of delay and denial” for the disaster in an energy rich country. The market has spoken, he insists, to say the future is renewables – which is why investment is being funnelled that way.

“What hasn’t happened is the grid hasn’t been fixed,” the prime minister declared. “One of the things we know is that you don’t get new energy or power supplies with a media release. What businesses are saying is that they want policy certainty in order to invest. That is what we are providing them.”

Yes, it’s now a race.

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