Matt Keen is a threat to every retail holder of coal or coal-related shares (and he's also a fool):
NSW Energy Minister Matt Kean says the federal government needs to cap coal prices soon or the benefits won’t flow through to energy users for another 12 months.
Mr Kean told Sky News that NSW would do “whatever it takes” with the Albanese government to drive power prices down.
Ahead of a national cabinet meeting on Wednesday aimed at resolving the energy cost crisis, Mr Kean said capping coal prices would help drive down wholesale energy costs.
But he said the commonwealth needed to implement a national solution, rather than relying on the state to individually cap coal prices.
“Look, they've said that they prefer the states to do this. But we've got legal advice that says that the Commonwealth can do this,” he said.
“Again this is a national problem that requires a national solution. You can't have every state and territory going off and doing their own thing.”
Mr Kean said whatever solution was arrived at, it needed to be implemented soon.
“Clare Savage, the head of the Australian Energy Regulator, said that if those price caps weren't introduced by December … then it would not have an impact on dampening electricity prices for the next 12 months.
“So we need to move, and we need to move very quickly,” he said.
“We're already seeing our coal generators purchasing coal at the highest spot prices. So that'll feed through to wholesale electricity prices for the next 12 months. The commonwealth needs to stop consulting and start acting.”
(20min delay)