Australia's energy crisis: Q + A
This week Q+A looks at Australia’s energy crisis – what is the Government doing about it and what does it mean for you?
The east coast supply shortage is worsening with Queensland the latest state facing a critical shortfall. While the nation’s energy ministers agree there is no quick fix, they’re backing a longer term plan to address the supply gap, which includes establishing a new gas storage reserve. The federal government has also given the green light for retailers to pay power providers to maintain extra capacity in case it is needed. Domestic electricity and gas prices have surged to unprecedented levels in recent months with several of the country’s ageing coal-fired power stations out of action and overseas gas prices skyrocketing due the war in Ukraine. Former Prime Minister Malcolm Turnbull says the immediate solution is to impose export volume and price controls but Energy Minister Chris Bowen says there’s “no silver bullet” solution to lower energy prices. Where does this leave Labor’s election promise for cheaper energy prices? And can state and federal governments work together to strengthen energy policy in Australia?
The current crisis has highlighted the challenges associated with the transition from fossil fuels to cleaner energy. Labor’s Rewiring the Nation policy aims to connect renewables to the grid through a new $20 billion public corporation, part of its broader pledge to cut Australia’s emissions by 43% by 2030. Is this the best path forward? How will the new government work with the new parliament, which includes three new Greens MPs and seven independents, who were voted in on more ambitious climate targets?
The current rising energy costs add another layer of economic burden for Australians already struggling. How will the new government navigate its way through the current crisis?
