Energy Markets at the Crossroads: gas and electricity contracts up 150% for some
Progressively over the last 10 years Australia has given up its comparative advantage in fairly priced, highly reliable energy which has underpinned significant industrial development and employment for many decades. If allowed to continue on this trajectory this comparative advantage will be permanently lost and along with it, a majority of energy intensive industry including many industrial, food processing and manufacturing industries.
This is the blunt messages contained in the Energy Users Association of Australia (EUAA) submission to the Independent Review into the Future Security of the National Electricity Market, commonly referred to as the Finkel Review.
“Energy markets are at the crossroads. This is a critical year where decisions made over the coming months will not only determine the direction of key energy market reforms but ultimately they will dictate what kind of industries make up the Australian economy,” said EUAA CEO, Andrew Richards.
To fix this situation, decisive co-ordinated political leadership and long-lasting bipartinship is required so that energy policy is no longer treated like a political football. Policy makers and industry must come together to not only address the mistakes of the past but to put Australian industry on the path to a competitive and secure transition towards a lower carbon intensive energy system.
Read the full press release here