Electricity Price Monitoring

by Ted Sorensen
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Queensland LNP welcomes amendment to Treasury Laws Amendment (Electricity Price Monitoring) Bill 2018
Thursday, 6th December, 2018

State LNP Leader Deb Frecklington has welcomed confirmation that the Federal Government’s legislation to prohibit misconduct in the energy sector will not allow Queensland’s electricity assets to be sold.

“We welcome efforts to stamp out misconduct and ensure the lowest possible price for consumers,” Ms Frecklington said.

“Queenslanders want lower power prices but they don’t want asset sales.

“We believe our electricity assets should be kept in public hands, so the government can control the prices.

“Unfortunately, the Palaszczuk Government has been using electricity as a secret tax for years. Labor is drunk on the revenue this secret tax generates and, according to its own budget, will rip off more than $8.5 billion from Queensland’s electricity customers over 5 years*.

“Labor’s consolidation of generators in 2011 from 3 entities to 2 has dramatically reduced competition and increased wholesale electricity prices to record high levels in Queensland.

“In the summer of 2016/17, Stanwell gouged Queenslanders as they sweltered through summer driving wholesale electricity prices to record high levels at more than $100 a megawatt hour.

“Instead of lowering prices, the Palaszczuk Labor Government is solely focused on profit maximization and has allowed government owned generators to abuse their market power and price gouge.

“The State LNP will split the government owned generators from 2 to 3, increasing competition and lowering prices.

“Labor’s own Queensland Productivity Commission found this would decrease wholesale electricity prices by over 8%.

“Bill Shorten’s reckless 45% emission reduction target will, according to Queensland Labor’s own expert panel on renewable energy, will cause the early closures of Queensland coal fired power stations.

“These coal fired power stations provide some of the cheapest electricity in Australia and employee hundreds of workers in regional Queensland.

“If Labor is serious about lowering electricity prices and protecting jobs, they should scrap this reckless 45% emission reduction target.

“Queensland has the highest unemployment rate at the nation, we can’t afford to lose any more jobs because of bad Labor policies”.

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