Australia’s Runaway Power Prices Kill Renewables-Rent-Seekers’ Dreams

Those who have spent the last decade or so milking wind and solar subsidies, probably thought the rort would last forever. When the Large-Scale Renewable Energy Target was upped to 41,000 GWh in 2010, renewables-rent-seekers thought that figure was set in stone. Until it wasn’t. Despite a hostile Senate and rats in his own ranks, then PM, Tony Abbott managed to slash that target to 33,000 GWh, a bit over four years later.Since then, a dwindling band of increasingly nervous profiteers have been kidding themselves that the reduced LRET is still set in stone.Power prices rocketing at 20% year-on-year and a grid on the very brink of collapse have split Australia’s political class in two: those desperate to avoid being flogged at the ballot box over rocketing power prices and those desperate to keep profiting from the greatest rort of all time.Those, like The Australian’s David Crowe, who claim that the LRET is like some immutable law handed down from on high are deluding themselves. Any policy which is unsustainable will either implode under its own imponderable weight or its creators will be forced to scrap it.What has forced the issue, is the fact that people want power as and when they need it; and they do not want to pay a king’s ransom for it. Both of those, quite reasonable, expectations have been turned on their head thanks to the LRET, and the chaos delivered by intermittent wind and solar.In this piece, The Australian’s Janet Albrechtsen gets to grips with the politics of power, offering the embattled PM, Malcolm Turnbull some pretty obvious advice: kill the LRET and collect government at the next election, by default.

Source: Australia’s Runaway Power Prices Kill Renewables-Rent-Seekers’ Dreams

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