A range of unprecedented and costly climate-related market interventions, most notably the renewable energy target, has so distorted the market that prices have doubled and supplies have become dangerously low and unreliable. Now another intervention is required to underwrite the investment in dispatchable power generation that the earlier interventions specifically were designed to undermine.
Taxpayer and consumer funds have been directly and deliberately applied to making carbon-emitting generation unprofitable, and now the same taxpayers and consumers are being asked to fund indirectly investment in reliable power — most likely carbon-emitting. And the political consensus of the major parties is to focus on details and excuses rather than call out this folly.
