There's no mystery or scandal about how we ended up with a badly flawed electricity market — it has followed the broader path of neoliberal reforms in Australia.
Good morning, early birds. A landmark report from the Productivity Commission will have you checking on your super. Plus: is AGL Energy as green as it claims? It's the news you need to know, with Chris Woods.
Good morning, early birds, and welcome to the new-look Worm. AGL's CEO holds his ground against mounting pressure from the federal government, as well now as the ACCC. Plus, the Commonwealth Bank agrees to repay $26 million to swindled customers. It's the news you need to know, with Chris Woods.
The highest inflation facing Australian families comes from industries where governments, at least notionally, control prices.
AGL told the ASX yesterday that its profit had nearly doubled to $622 million from $325 million a year earlier.
In attempting to keep Liddell going, Turnbull’s government has gone to war against every single principle of capitalism and the free-market.
By prolonging uncertainty around investment in energy generation, the government gives itself scope to keep blaming Labor and renewables for blackouts -- at least until voters wake up to it.
The Turnbull government really wants someone, anyone, to buy the Liddell coal-fired power plant. But lessons from Hazelwood should remind any potential buyer that an ageing, dying power plant is often more trouble than it's worth.
As politicians panic about the energy crisis they themselves have created, some old ideas are suddenly fashionable again.
As interventionism becomes fashionable again, governments will do what they've always done -- play favourites and go after enemies. Bernard Keane and Glenn Dyer report.