The Albanese government is turning its attention to large-scale energy infrastructure and generation projects saying the short-term price issues are sorted.
Gina Rinehart-backed Senex Energy is preparing to hit pause on a $1 billion expansion of a Queensland gas project due to the federal government’s cap on prices as the resources industry slammed new laws that give extraordinary powers to the NSW premier to control his state’s coal industry.
The legalisation allows Premier Dominic Perrottet to cap the price of coal at $125 a tonne, with additional provisions to set the price of coal and to determine who it is sold to, with penalties for non-compliance of more than $10 million.“I’m a free markets guy, but I’m a practical guy too ... no one foresaw the illegal invasion of Ukraine, which has put our families and our businesses under extreme pressure with the rising cost of bills,” Mr Perrottet said.
Australian Prime Minister Anthony Albanese speaks at a press conference following a tour of the new Waratah Super Battery project site, located at the former Munmorah Power Station in Colongra on Wednesday.He foreshadowed future funding for other states in return for their backing of the energy market intervention. A senior Queensland government source toldMr Albanese said the Queensland deal would get done to mirror those done with NSW, Victoria and Tasmania.
“So both in the long haul, consumers get the benefit of renewables connected, and in the way they are financed, doing it this way also keeps costs down.” “We’re seeing that a lot of suppliers are being tied up in places like Europe and North America, so we have to keep running, we have to keep the pressure on, and we have to keep putting together as many projects as we can .”As the prime minister spoke on the NSW Central Coast, local power players said the price caps must remain temporary.
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