The Liberal cabinet have officially dumped the contentious National Energy Guarantee (NEG), but Scott Morrison and new Energy Minister Angus Taylor are now faced with a policy vacuum which they urgently need to address.
The combination of modest wages growth and higher electricity prices are hurting Australian households, who have been forced to endure a 56 per cent increase in real terms on their electricity bills over the last decade. The NEG, formulated to address the “energy trilemma” of security, reliability and affordability on a national scale (excluding WA and the NT), was the Turnbull government’s answer to the crisis, but ultimately sparked its demise.
In their rejection of the defunct NEG, the new Ministry stressed that emissions reductions have been stripped away from the energy portfolio. Taylor instead has revealed a renewed focus on affordability for households and businesses, and hopes to be recognised as “the Minister for reducing … Read the rest