RET cutting power bills, but ALP + Libs cutting RET: Bandt
Greens climate change and energy spokesperson Adam Bandt MP today said that the AEMC’s 2017 Residential Electricity Price Trends report shows that new renewable energy generation – driven by the Renewable Energy Target (RET) – is expected to be the primary factor behind the significant decrease in wholesale power prices to 2020. The AEMC’s report makes it clear that the expected reduction in wholesale power prices, which account for up to 40% of the price of an electricity bill, is attributable to new generation coming online - 95% of which is renewable. However, Labor and Liberal have cut the RET and are refusing to increase or extend it.
“The Renewable Energy Target is cutting power bills, but Labor and Liberal want to get rid of it,” said Mr Bandt.
“This report proves that the RET is working. Renewable energy is reducing prices and reducing pollution.
“If the old parties were serious about reducing electricity prices, they would back Greens’ legislation to increase and extend the RET out to 2030.
“The old parties cut the RET in 2015, Labor won’t commit to keeping the RET after 2020 and the Liberals want to get rid of it altogether.
“Only The Greens have a plan to reduce the price of power by re-regulating electricity prices and increasing and extending the RET.”
The Greens have introduced legislation into the House of Representatives to extend the RET to 2030, but so far the Labor and Liberal parties have refused to support it.
Media contact: Gideon Reisner, 0429 109 054