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Australia’s energy minister defends country’s coal and gas price cap


https://sputniknews.com/20221211/australias-energy-minister-defends-cap-on-countrys-coal–gas-prices-amid-energy-crisis-1105341156.html

Australia’s energy minister defends coal and gas price caps amid energy crisis

Australia’s energy minister defends coal and gas price caps amid energy crisis

Australia’s energy minister has defended the government’s cap on coal and gas prices in the country.

2022-12-11T08:35+0000

2022-12-11T08:35+0000

2022-12-11T08:35+0000

world

Anthony Albanian

Canberra

energy crisis

gas

coal

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Energy Minister Chris Bowen has pushed back against criticism of the Australian government’s plan to tackle soaring energy costs by capping gas and coal prices and offering rebates on electricity bills. Bowen said in a media interview, adding: The minister was referring to Russia’s ongoing special military operation in Ukraine, to which the United States, Britain, the European Union and their allies have responded by hitting Moscow with sweeping sanctions. The fallout from self-defeating restrictions has exacerbated various problems in already volatile global energy markets and disrupted supply chains around the world. As a result, the world experienced record fuel prices and a wave of inflation that prompted many countries to resort to emergency plans in the midst of a full-blown energy crisis. To deal with the situation, the government of Australian Prime Minister Anthony Albanese announced on December 9 that it had reached an agreement with state and territory leaders to introduce a new four-pronged plan. This involved: The package to reduce household and small business energy bills from April next year will not come in the form of cash payments, but rather in the form of bill subsidies, in a mechanism whose details have yet to be determined. Prime Minister Albanese insisted cash payments would only fuel inflation further. Coal price controls for domestic customers will be imposed by coal-producing states such as New South Wales and Queensland. However, the cap on the price of gasoline is what must be legislated by the federal government, and that is why Parliament is being recalled on Thursday. Energy Minister Chris Bowen argued that many businesses would go bankrupt without the measures, telling the media: The opposition said the government’s action plan would fail. Leader of the Opposition and Liberal Party Peter Dutton said price caps and rebates would be “catastrophic” for the energy market. Opposition Energy Critic Ted O’Brien added:

https://sputniknews.com/20221122/what-is-the-energy-crisis-and-why-is-a-global-energy-crisis-taking-place-today-1104509600.html

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2022

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Australia’s energy minister defends coal cap, gas prices, gas price cap, domestic coal cost cap, $1.5 billion federal rebate, utility bill cut electricity, the energy crisis, how australia is fighting the energy crisis, gas price cap australia, does the price cap work,

Australia’s energy minister defends coal cap, gas prices, gas price cap, domestic coal cost cap, $1.5 billion federal rebate, utility bill cut electricity, the energy crisis, how australia is fighting the energy crisis, gas price cap australia, does the price cap work,

To deal with soaring energy prices, Australian Prime Minister Anthony Albanese’s government announced that $1.5 billion in federal cash would be allocated to lower energy bills for households and small businesses starting in April 2023. In addition, the price of coal and gas produced in the country would be capped for 12 months.

Energy Minister Chris Bowen has pushed back against criticism of the Australian government’s plan to tackle soaring energy costs by capping gas and coal prices and offering utility bill rebates. electricity.

The objections raised by the Australian Petroleum Production and Exploration Association were “not convincing at all”, Bowen said in a media interview, adding:

“That argument is really going to say that we thought we needed as high a profit as possible during a war, during a global energy crisis for our industry to be viable. No one is going to believe it because it’s just not true… It’s Australian gas on Australian soil, and Australians should pay a fair price, but they shouldn’t pay a war price.

The minister was referring to Russia’s ongoing special military operation in Ukraine, to which the United States, Britain, the European Union and their allies have responded by hitting Moscow with sweeping sanctions.

The fallout from self-defeating restrictions has exacerbated various problems in already volatile global energy markets and disrupted supply chains around the world. As a result, the world experienced record fuel prices and a wave of inflation that prompted many countries to resort to emergency plans in the midst of a full-blown energy crisis.

To deal with the situation, the government of Australian Prime Minister Anthony Albanese announced on December 9 that it had reached an agreement with heads of state and territory to introduce a new four-pronged plan. This involved:

Introduction of a price cap on gas at $12 per gigajoule.
Capping the cost of domestically produced coal at $125 per tonne for 12 months.
Compensation for certain coal-fired generators.
Offering a $1.5 billion federal rebate to lower electricity bills.

The package to reduce energy bills for households and small businesses from April next year will not come in the form of cash payments, but rather in the form of bill subsidies, in a mechanism the details of which have yet to be determined.

Prime Minister Albanese insisted that cash payments would only fuel inflation further.
What is the energy crisis and why is a global energy crisis happening today?

Coal price controls for domestic customers will be imposed by coal-producing states such as New South Wales and Queensland. However, the cap on the price of gasoline is what must be legislated by the federal government, and that is why Parliament is being recalled on Thursday.

Energy Minister Chris Bowen argued that many companies would face bankruptcy without these measures, telling the media:

“There were companies and industries that were making it very clear that they would have a very hard time surviving next year, in the face of gas prices, electricity prices being what they were… We have offered a very, very solid package that addresses both the key drivers of these high prices.”

Meanwhile, the opposition has declared that the government’s action plan will fail. Leader of the Opposition and Liberal Party Peter Dutton said price caps and rebates would be “catastrophic” for the energy market. Opposition Energy Critic Ted O’Brien added:

“Our point of view in opposition is exactly the same as when we were in government. We need to keep prices low, lights on, and investments. The issue here is not a difference of opinion on the need for industries to have cheap energy or households to have cheap energy. The difference, in our opinion, is how you go about it. The government said it had a plan, which has already failed. Now they come up with a new plan and I tell you it will fail.



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