Broken Promises: “A profound slowdown” in Renewable Investment in Australia
6 hours ago Eric Worrall 36 Comments
Essay by Eric Worrall
Power prices are rising, despite recent political promises they wouldn’t, and renewable investment has stalled, despite frantic government efforts to attract new capital.
‘Profound slowdown’: Alan Finkel quits Victoria’s SEC
Patrick Durkin BOSS Deputy editor
Jun 23, 2023 – 5.00am
Former chief scientist Alan Finkel has quit his role advising Victoria’s State Electricity Commission, as the organisation’s chief executive warned energy prices will rise, despite Victorian Premier Daniel Andrews’ election promise the SEC would bring down prices.
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Chris Miller, appointed interim CEO of the SEC, acknowledged on Thursday the energy transition would cause a large uptick in energy prices, despite Mr Andrews’ election claims.
“We know that getting to 95 per cent renewables in Victoria will require a large uptick in billed rates,” he told the conference.
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But Mr Miller pointed to warnings by the CEO of the Australian Energy Market Operator, Daniel Westerman, and data from the Clean Energy Council that shows “a profound and recent slowdown in new financial commitments for large-scale user generation projects”.
“In fact, in the first quarter of this year there were no new financial commitments across the nation despite a strong pipeline of projects.”
https://wattsupwiththat.com/2023/06/22/broken-promises-a-profound-slowdown-in-renewable-investment-in-australia/
