Key takeaways from 2018/19 Federal Budget

Treasurer Scott Morrison delivered his third Federal Budget last night. Here are a few Budget facts and figures for the energy sector.

There’s $41.5 million for the implementation of its energy policies including the National Energy Guarantee and Finkel review measures, including:

  • $900,000 over two years for modelling for a long-term economy wide emissions reduction strategy
  • Five-yearly climate policy review and refine cycles in line with the Paris Agreement.
  • Encouraging more businesses and organisations to achieve certification under National Carbon offset standard and carbon neutral certification.
  • Establishing the National Energy Guarantee aimed at delivering a more affordable, more reliable and lower emissions energy system.
  • Developing a distributed energy register to improve and lower the costs of system security and grid management.
  • Allowing consumers to receive a benefit from their energy demand reduction.
  • Developing a consumer data access platform to help consumers compare offers and get a better energy deal.
  • A crackdown by the Australian Energy Market Commission on misleading discounting practices by electricity retailers that confuse consumers.
  • Victoria and NSW to take over full ownership of the Snowy Hydro.
  • A continued commitment to an emissions reduction target of 26-28% by 2030.
  • Cutting of the energy supplement, although that cut has previously been blocked by the Senate.

The Treasurer also highlighted modelling showing a $400 reduction in the electricity bills of an average household under the National Energy Guarantee, compared to business as usual. It’s worth noting that this modelling assumes the retirement of Liddell Power Station in 2022.

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