Labor’s $15 billion energy plan unveiled ahead of federal election

A $5 billion energy security fund would finance projects, including a new electricity interconnector between South Australia and NSW, under a Labor plan it will take to the federal election.

A $5 billion energy security fund would finance projects including a new electricity interconnector between South Australia and NSW, under a Labor plan the party will take to the federal election.

Opposition Leader Bill Shorten on Thursday unveiled the fund as part of a $15 billion, decade-long energy plan that includes a home battery scheme to reduce carbon pollution, lower power bills and drive employment.

Mr Shorten has also written to Prime Minister Scott Morrison seeking a bipartisan agreement to revive the shelved National Energy Guarantee.

Opposition Leader Bill Shorten wants to also revive the shelved National Energy Guarantee.

A plan by the Australian Energy Market Operator will underpin Labor’s national energy infrastructure to-do list.

Potential projects include upgrades to the Victorian interconnector with SA and “a new link between South Australia and New South Wales”.

A series of grants for manufacturers to reduce their energy usage and community groups to pilot new projects are also in Labor’s plan, as well as a “transition authority” to help workers and businesses disrupted from traditional power industries while jobs in the renewables industry grow.

“There was nothing in place to support the transition for communities like Elizabeth (when Holden shut down),” Mr Shorten said.

“I do not want to allow this failure to be repeated in any sector, in any part of the country.”

Labor energy spokesman Mark Butler also flagged that an emissions trading scheme for the manufacturing and gas sectors would be discussed internally in coming weeks.

Energy Minister Angus Taylor warned that Labor’s 50 per cent renewable energy target and 45 per cent emissions reductions goal by 2030 would cause energy-intensive businesses to close down.

He also criticised Labor’s household battery rebate scheme, saying it was the new “pink batts fiasco”.

SA Premier Steven Marshall, whose Government has implemented its own household battery storage scheme, said “imitation is the greatest form of flattery”.

“It is a slightly watered down scheme from what we are offering here in SA and it’s going to take Bill Shorten several years to implement,” Mr Marshall said.

Originally published as Labor’s $15 billion energy plan unveiled ahead of federal election