ANALYSIS: The government is giving itself the power to set maximum prices, decide who coal will be sold to and control the use of the coal, for any period.
And in such an emergency, the NSW Premier will have powers over the state’s black coal that might cause a Chinese central planner to blush.give his Energy Minister the power to set maximum prices, decide who coal will be sold to, and control the use of the coal, for any period. In other words, the government can seize control of the whole market.Nikki Short
The law’s self-declared objective “is to put downward pressure on electricity prices during coal market price emergencies by allowing for the giving of directions in relation to the price and domestic supply of coal used to generate energy”.All the premier has to do to trigger the powers is to declare an emergency if he believes coal price increases – even if merely projected – or shortages “will adversely affect members of the community”.
The penalty for not complying is at least $10 million, although applies to companies not people. If the government doesn’t believe the coal companies are co-operating, it can send in a specially appointed regulator – a coal cop – who has the power to enter offices and demand documents.
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