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Mark Latham, the One Nation leader and the former member of the house of representatives, has slammed the energy roadmap unveiled by the government of New South Wales, citing that the cost would be ultimately passed to the consumers.
Mr Latham has warned that the power bill could surge by four hundred dollars a year under the new energy roadmap that aims at encouraging $32 billion of private investment in renewable energy projects across NSW by 2030.
Energy Minister Matt Kean mentioned in the roadmap that the plan would create renewable energy zones (or REZs) in Dubbo and the south west and also believes that the same would decrease household energy bills by $130 and small business bills by $430 per annum between 2023 to 2040.
Image Source: © Kalkine Group 2020
However, Mr Latham slammed the estimates by the state government and raised a red flag citing that bills could actually increase instead of decrease as the state plans to offer a minimum electricity price to companies that undertake the green projects.
In an interview session with the Sydney radio station 2GB, Mr Latham mentioned that if the price offered by the state government to the companies fall even slightly below the minimum level, the government will extract cash from distributors which would trickle down to increase the household bills.
Continuing further, Mr Latham cited that the energy roadmap represents ‘guaranteed income’ for renewable energy companies and their lobbyists, that would be paid by the end consumers.
The One Nation leader labels the renewable energy roadmap as a new tax
Mr Latham suggested that the actual bill might go up by $100 a quarter instead of declining. The former member of the house of representatives now plans to oppose the energy roadmap as he believes that the plan is a ‘stitch up’.
Speaking at the Australian Financial Review Energy and Climate Summit, Mr Latham also slammed the models and analysis used by the state government, citing that they do not translate into the real world.
Furthermore, Mr Latham slammed the Energy Minister Matt Kean for intervening in the national electricity market while reiterating the warning from the Australian Energy Council that the government’s intervention across NEM could encourage too many unnecessary energy assets, which would ultimately lead to higher costs, especially for households.
Amidst the heat around the NSW’s energy roadmap, AGL Energy Limited (ASX:AGL) is also drawing attention of shareholders over its recent plan to build a grid-scale battery at a site on Torrens Island Power Station.
The Company recently disclosed its plan to build a 250-megawatt large-scale battery storage under the larger plan to roll-out 850 megawatts of energy storage capacity across NEM by FY2024.
To Know More, Do Read: AGL Energy (ASX:AGL) Beefs up Battery Plan to Increase Grid Reliability Across NEM
