Australias Greatest Scam, page-57

“Australia is on track to achieve 50%renewable electricity by 2030 even without new federal energy policies, according to modelling by the energy analysts RepuTex.

The analysis, to be released on Wednesday, suggeststhat a surge in renewable energy driven by state schemes and rooftop solarinstallations will reduce wholesale prices from $85 per MWh to $70 over thenext three years.

Lower prices will make gas- and coal-fired power lesscompetitive, even without a market mechanism to makefossil fuels reflect the cost of pollution or a direct constraint on emissions,although a lack of federal policy could lead to longer-term price rises,RepuTex found.

During the election campaign, theCoalition attacked Labor for its 50% renewable energy target – as well as its45% emissions reduction target – claiming they would harm energy-intensive industries and cost jobs.

But after the Coalition won on 18 May, the Liberalsenator Arthur Sinodinos urged the government to use the changing energy mix tobolster its environmental credentials, and treasurer Josh Frydenberg declared that the “inevitable” transition tolow-emissions sources created an opportunity for the country.”