THE PRICE OF POWER
The government's protracted response to the energy review authored by Chief Scientist Dr Alan Finkel is set to conclude this week, with a new energy plan expected in the coming days. Prime Minister Malcolm Turnbull will meet with cabinet today and likely emerge with a plan that reduces subsidies for renewable energy and pushes investment in new power generators, according to The Australian. As indicated last week, it is not expected to include a Clean Energy Target.
Energy will again dominate Parliament as MPs return to Canberra and Treasurer Scott Morrison releases a report by the ACCC showing energy bills have increased in real terms by 30% over the past eight years. While the ACCC identifies the growing cost of renewables as part of the reason for rising prices, the surge was mostly fuelled by network costs and a lack of competition.