The Australian has confirmed that the federal government has asked the NSW government to impose a $125 coal price cap in its bid to bring down energy prices.
The Australian first revealed yesterday that the initial advice to NSW and Queensland governments was that they would have to cap coal prices at between $125 and $160 a tonne – around half current levels – to have any meaningful flow on impact for energy bills.
The commonwealth has agreed to cap gas prices at $13 a gigajoule though a mandatory code of conduct.
Negotiations are still ongoing over the possibility compensation to be paid by the commonwealth to the states for lost royalties and possible compensation payments to coal producers.
The news comes after the October Federal Budget forecast household electricity and gas prices would soar by 56 and 44 per cent, respectively, over the next two years.
On Tuesday, Treasurer Jim Chalmers left the door open to “responsible” contribution from the commonwealth, after the NSW and Queensland Premiers demanded compensation for implementing a coal price cap.
The Australian has confirmed that the federal government has...
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