{"id":30195,"date":"2024-11-21T07:57:37","date_gmt":"2024-11-21T07:57:37","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=30195"},"modified":"2024-11-21T07:57:37","modified_gmt":"2024-11-21T07:57:37","slug":"the-real-cost-of-labors-energy-plan-revealed","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2024\/11\/21\/the-real-cost-of-labors-energy-plan-revealed\/","title":{"rendered":"The real cost of Labor\u2019s energy plan revealed"},"content":{"rendered":"\n<p>Labor\u2019s energy plan has been exposed as a $642 billion disaster in the making, with costs that are five times higher than what Labor has claimed.<\/p>\n\n\n\n<p>Australians deserve to know the truth behind Labor\u2019s hidden costs and the impact it will have on energy bills and the economy.<\/p>\n\n\n\n<p>The Coalition asked Frontier Economics to independently assess and compare the cost of Labor\u2019s \u2018renewables-only\u2019 plan and an alternative plan which includes nuclear energy.<\/p>\n\n\n\n<p>For years, Labor has cited a $122 billion price tag for its plan to achieve a net-zero National Electricity Market by 2050.<\/p>\n\n\n\n<p>The truth, however, is that Labor\u2019s \u2018renewables-only\u2019 strategy will actually cost Australians at least $642 billion.<\/p>\n\n\n\n<p>This staggering figure \u2013 based on AEMO\u2019s preferred Step Change scenario \u2013 represents the true cost of utility-scale generation, storage, and transmission, and it\u2019s a burden that will ultimately fall on taxpayers and households.<\/p>\n\n\n\n<p><strong>WHY THIS MATTERS<\/strong><\/p>\n\n\n\n<p>Labor promised Australians energy savings of $275 on annual electricity bills, yet prices have soared \u2013 increasing by up by $1,000 more than Labor promised.<\/p>\n\n\n\n<p>With Frontier Economics now confirming the skyrocketing costs of Labor\u2019s plan, this situation is set to worsen.<\/p>\n\n\n\n<p>Australians are facing higher bills, growing debt, and an energy system at risk of instability.<\/p>\n\n\n\n<p><strong>KEY INSIGHTS FROM THE REPORT<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A FORK IN THE ROAD \u2013 The Albanese Government\u2019s \u201crenewables-only\u201d policy is a high-risk, high-cost path.<\/li><\/ul>\n\n\n\n<p>Australia faces a critical choice: Labor\u2019s costly \u2018renewables only\u2019 agenda or the Coalition\u2019s affordable, balanced energy mix to achieve a net-zero electricity grid by 2050.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>LABOR\u2019S $642 BILLION PLAN \u2013 Labor\u2019s plan carries a price tag of $642 billion \u2013 a fivefold increase over their public estimate.<\/li><li>HIDDEN COSTS \u2013 Labor\u2019s analysis fails to account for critical expenses. Frontier Economics uncovered an additional $62 billion in unanticipated transmission costs, revealing the vast underestimation in Labor\u2019s estimates.<\/li><li>A CARBON PRICE BY STEALTH \u2013 Labor has quietly imposed a shadow carbon price \u2013 the Value of Emissions Reduction (VER) \u2013 driving up costs for consumers. Starting at $70 per tonne, the VER will rise to $420 per tonne by 2050, a hidden tax impacting every household.<\/li><li>A HUGE OVERBUILD \u2013 Labor\u2019s plan overestimates demand, leading to unnecessary, costly overbuilds.<\/li><\/ul>\n\n\n\n<p>Unrealistic targets for EV uptake, green hydrogen, and renewables are leading governments and the private sector to over-capitalise on building out a new grid, and everyday Australians will pay the price.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>COVERT COST BLOWOUTS \u2013 Projects like VNI West, Humelink and the Gladstone Grid have seen major cost blowouts, marking a stark warning about the escalating costs of Labor\u2019s \u2018renewables-only\u2019 agenda.<\/li><li>EXTEND &amp; PRETEND ON COAL \u2013 Labor has promised to shut down 90% of coal-fired power by 2034, yet coal plant owners say 10.8 GW of the coal Labor claims will be gone will still be operating.<\/li><\/ul>\n\n\n\n<p>This exposes Labor\u2019s tricky \u201cextend and pretend\u201d strategy, where it extends coal in the real world but pretends it\u2019s closing coal to keep the Greens happy.<\/p>\n\n\n\n<p>Now that the real cost of Labor\u2019s plan has been revealed, the Coalition will finalise and release costings by the end of the year for an alternative plan including nuclear energy.<\/p>\n\n\n\n<p>This will give Australians a side-by-side comparison of the true costs and benefits of both approaches.<\/p>\n\n\n\n<p>With bipartisan commitment to net zero by 2050, the real question is which plan will deliver for Australia: Labor\u2019s all-eggs-in-one-basket renewables-only scheme or the Coalition\u2019s plan for a balanced energy mix, which includes renewables, gas, and nuclear.<\/p>\n\n\n\n<p>The truth about Labor\u2019s plan is out, and the Prime Minister and Minister Bowen have been caught deceiving Australians.<\/p>\n\n\n\n<p>Please find a summary of Labor\u2019s costly plan and a full copy of the Frontier Economics Report&nbsp;<a href=\"https:\/\/aus01.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fwww.frontier-economics.com.au%2Findependent-economic-assessment-of-nuclear-power-in-the-national-electricity-market%2F&amp;data=05%7C02%7CChantal.D%27Argaville%40aph.gov.au%7Ce3e2b2fb79b14d5f028208dd051d7591%7Cf6214c153a9947d1b862c9648e927316%7C0%7C0%7C638672346558991325%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=VzMhmXPsyoZr0PG56cs8swafa1z%2BTyDPUj7WHP4drIU%3D&amp;reserved=0\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Labor\u2019s energy plan has been exposed as a $642 billion disaster in the making, with costs that are five times higher than what Labor has claimed. Australians deserve to know the truth behind Labor\u2019s hidden costs and the impact it will have on energy bills and the economy. The Coalition asked Frontier Economics to independently &hellip; <a href=\"http:\/\/www.16news.com.au\/index.php\/2024\/11\/21\/the-real-cost-of-labors-energy-plan-revealed\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The real cost of Labor\u2019s energy plan revealed&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-30195","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/30195","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=30195"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/30195\/revisions"}],"predecessor-version":[{"id":30196,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/30195\/revisions\/30196"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=30195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=30195"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=30195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}