Australia’s Push For Renewables A ‘Huge Albatross’ Around Its Neck
On average, Australia is spending $13 billion trying to get rid of coal and trying to interject renewable energy in the electricity market, according to economist Alan Moran.
The Australian Energy Market Commission puts the cost of environmental policies on the consumer at around $90 per year or 6.5 percent of the household electricity bill.
However, Dr. Moran said this estimate only covers around one-sixth of the potential cost.
The effect renewables have on the market, as well as the government loans and subsidies, among other costs, bring the actual cost to the consumer to around $536 per year, or 39 percent of the electricity bill, according to Dr. Moran.
He said the total cost to the economy coming just from the consumer – which he said amounts to just under 50 percent of the costs – would climb to $6.5 billion.
“The other half of the costs brings our total to something of the order of $13 billion per year,” Dr. Moran told Sky News.
“Every year we’re spending $13 billion in trying to get rid of coal and trying to inject renewable energy in a system which is actually inherently making it much more expensive.
“Thirteen billion dollars is a huge albatross around the neck of the Australian public and Australian economy.”
Read more at Sky News
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