No one can predict future power prices, says the Energy Minister who promised to slash your bills by $275 just three years ago
Anybody who predicts future power prices in this complex environment is “making a punt”, says Energy Minister Chris Bowen – the man who promised to slash bills by $275 in 2022.
Federal Election
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Anybody who predicts the direction of power prices now is “making a punt,” according to Climate Change and Energy Minister Chris Bowen, in a stunning reversal compared to Labor’s position prior to the 2022 poll when it vowed to slash household costs.
During a National Press Club energy debate with his shadow Ted O’Brien, moderator Tom Connell of Sky News said to Mr Bowen: “Before the last election, you pledged energy bills to be $275 cheaper by the end of the term. What price pledge can you offer before this election, not compared to any Coalition policy, but compared to the latest forecast prices?”
In reply, Mr Bowen said “energy prices will be cheaper under us”.
He then added: “Look, anybody who predicts energy prices in this very complicated geopolitical environment, I think, is making a punt. So I’m not going to do that.”
Later, Mr Bowen became embroiled in a heated exchange with Sky News journalist Chris Uhlmann over household costs.
Mr Uhlmann asked if prices had been rising. Mr Bowen accused him of being unfair.
“You have strong views which are expressed on Sky News in the evenings and that’s your right. I disagree with the way you look at these matters. I disagree with the approach you take,” Mr Bowen said.
“Respectfully, I think renewable energy is the cheapest form of energy. You disagree with me, with the CSIRO. You are entitled to that point of view.
“I have said in my opening remarks, energy prices are higher than I’d like them to be, of course they are … with great respect it’s disingenuous and dishonest of you to blame this on renewable energy as you do on Sky News in the evenings. It’s not right, sir.”
When Mr Uhlmann pushed back, Mr Bowen said: “Are you asking a question or debating?”
In the actual debate, Mr O’Brien said households in Mr Bowen’s western Sydney electorate were paying $1300 a year more than Labor had committed itself to delivering.
It was put to Mr Bowen by journalist Greg Brown of The Australian that the Climate Change Authority had said Australia was not on track to reach its emissions reduction and green energy targets.
In November, the CCA said while there had been improvements, “further action is needed to ensure we reach the government’s target of 82 per cent renewables by 2030”.
Mr Bowen replied by accurately citing recent research by the Clean Energy Council, which he said showed Australia is “back on track”.
Mr O’Brien said “Labor, the Coalition, nobody in this country will be able to achieve the emissions target set by Chris Bowen and Anthony Albanese” for a 43 per cent decline by the end of the decade.
That emissions target is Australia’s commitment under the Paris international climate agreement.
Mr O’Brien did not rule extracting Australia from the agreement if a Coalition government found it wasn’t in the “national interest”.
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