ALP announces $15 billion energy policy

22 Nov 18

Opposition Leader Bill Shorten announced the ALP’s energy policy today, ahead of the Victorian election and in the lead up to the Federal election due next year.

Labor have announced massive new energy projects and funding, sidelining the chance of Bipartisan agreements with the Coalition, out of concern the Government are unable to agree on energy policy. The $15 billion pledge covers renewables and modern technology that the Coalition have been unable to agree on, showing the ALP is strategically moving forward to embrace current trends in energy.

The policy includes a range of direct action and intervention acts aimed to reduce prices and meet its plan to be at 50% renewable energy by 2030, reducing emissions by 45% of 2005 levels.  The headline option is to utilize the $10 billion Clean Energy Finance Corporation to underwrite finance for new power projects, prioritizing renewables and supporting firming technologies including gas and storage.

But there’s more- including a $200 million plan to subside batteries for households nation-wide, taking the pressure off the market and reducing household bills immediately. This will equal a $2000 rebate for 100,000 households on less than $180,000 a year (as well as low cost loans for batteries).

There’s also plans for reverse auctions to bring new investments in wind and solar (including storage).

Shorten said the march towards cleaner, cheaper energy was unstoppable and “in the next few weeks, we’ll be approaching 2 million households that will have solar power on their rooftops”. 

There’s multiple stories on this announcement- RenewEconomy covers it in detail, The Age has more information and the AFR covers it as well.