"How on earth does a country gets itself in this mess is beyond me and this nonsense about storage defies common sense. "
Conservative governments like to think the market solves all and seldom have many trusted engineering qualified pollies in tow to help them see sense and take timely action.
And too greenie governments can get too idealistic and also don't think straight.
Par for the course.
You'll blunder your way through. Sounds like you'll wind up paying for an older coal station or two to stay on line for a bit. But don't be surprised if the solar/wind/battery/hydro/pumped storage solution doesn't come along quickly enough for new energy solution sooner and be a better option than building new more advanced coal stations now.
Also, once domestic and distribution solar is a no brainer economically without any incentives, and home or distribution battery storage is economic you'll get a rapid build out that will add capacity for EVs. Plus more wind, hydro etc
We're all projecting the future. I tend to subscribe to the view that things take longer to happen than you think they will, and then they happen faster than you thought they could.