We welcome the COAG Energy Council’s decision to support the retailer reliability obligation, an important step forward in solving the policy paralysis that has plagued the energy sector for over a decade, Business Council chief executive Jennifer Westacott said today.
“The reliability obligation will be critical over the next decade as our energy system undergoes a major transition. As more intermittent generation enters the system, ensuring the lights stay on and all Australians have access to reliable power is essential. The obligation will incentivise investment in much needed dispatchable generation and we commend federal, state and territory governments on putting this obligation in place.
“While this is a welcome development, businesses and households are still crying out for further action to drive down energy prices. Further downward pressure on prices will be achieved if there is the policy certainty in the energy sector needed to attract investment and bring on more supply.
“Businesses need to know how emissions will be treated in this country to make the major, long-term investment decisions in new generation projects. We were pleased that the NSW government will continue to pursue a durable policy framework for emissions reduction in the sector and commend them for their leadership.
“After a decade of policy chaos in the energy sector – at both a state and federal level – we must prioritise solving this mess and providing the sector with the policy certainty and stability it needs to drive new investment and improve affordability.”