Finkel Inquiry June 9 2017

Well, this review of the future security of Australia’s electricity market by Chief Scientist, Alan Finkel, will be released at a COAG meeting of Federal and State leaders today

The review will advocate the establishment of a Low Emissions Target scheme first proposed by the Climate Change Authority

Like the Renewable Energy Target Scheme, the Low Emissions Target Scheme will force energy retailers and large electricity users to source a mandated proportion of their power from producers meeting set benchmarks

However, unlike the Renewable Energy Target Scheme, retailers and large users will be able to source this so-called clean energy from “carbon capture” coal-fired power generators which meet Low Emissions Target benchmarks as well as from renewable energy sources

The existing RET scheme excludes coal entirely and only recognizes renewable energy as clean energy

The idea is that by incorporating coal into the new regime, the market will deliver energy security

On the other hand, the new scheme would only stretch to include “carbon capture” coal-fired generation, it will not include other forms of clean coal power generation

Finkel claims his new scheme will not only reduce CO2 emissions but also drive down power prices by hundreds of dollars by 2030

Even if that were true, how does it help consumers facing immediate 30% increases in electricity prices ($660 a year for average households) from 1 July this year?

This is another unbelievable mess – scrap the lot of it