Australia’s embattled power consumers thought they were about to get a break, then their PM decided to throw another billion dollars in subsidies to wind and solar. And it’s not like taxpayers and power consumers weren’t already on the hook.
The Federal government’s Large-Scale Renewable Energy Target (LRET) is costing all Australian power consumers over $3 billion a year – when the cost of the Small-Scale Renewable Energy Scheme is added – that hidden power tax adds up to almost $5 billion a year. The total cost of both the LRET and SRES will top $60,000,000,000.
On top of that massive stream of subsidies to wind and large-scale solar outfits, and households with panels on their roofs, comes billions in handouts and soft loans from the Clean Energy Finance Corporation and the ARENA fund.
The CEFC already had control of $10 billion of taxpayer’s money, ladling that out to…
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