Energy players have blasted the government’s plan to lower power bills as a “radical” move that will put more investment, beyond Senex’s paused $1 billion expansion, at risk.
Prime Minister Anthony Albanese on Wednesday toured a former power station on that will become home to the largest battery in the southern hemisphere.Senex Energy chief executive Ian Davies said that after the passing of the gas measures last week, including a mandatory code of conduct and a temporary $12 a gigajoule wholesale price cap, it was “prudent” to review all investments. It was also not possible to sign new gas sales contracts despite demand.
Senex Energy’s major expansion of its Atlas and Roma North natural gas developments was expected to create 70 new roles and more than 300 contractor jobs during construction as well as injecting more than $200 million into local businesses in the Surat Basin. Responding to criticism from the gas industry over the federal government’s cap on coal and gas prices, Energy Minister Chris Bowen said he did not accept companies could charge “whatever they wanted” to make “mega profits” off the war in Ukraine.“We will not allow mega profits for gas companies off the backs of Australian industry,” he told ABC Radio on Thursday.
The comments come the day after Prime Minister Anthony Albanese joined Mr Perrottet to announce the passage of the legislation through NSW Parliament, and aThe transmission projects would ensure major renewable energy projects including Snowy 2.0 are plugged in to the grid. “While we welcome this much-needed government investment in modernising our electricity system with renewable energy zones, the announced funding doesn’t address the extra grid costs consumers face to subsidise the Snowy 2 project.
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