Victorian state election 2018: New analysis finds Labor’s power policies to deliver bigger cut to prices

Labor’s renewable energy policies will deliver a bigger cut to power prices than the Coalition, new analysis has found.

Labor’s renewable energy policies will deliver a bigger cut to power prices than the Coalition, new analysis has found.

The government has promised, if re-elected, to up the state’s renewable energy targets and provide rebates for solar panels on 700,000 Victorian homes.

New modelling by RepuTex Energy, commissioned by Greenpeace Australia Pacific, found that under Labor wholesale prices would fall from the 2018 high of $98 per megawatt to $69 by 2021.

POWER BILLS TO SURGE AS TARIFF APPROVED

WINDFALL FROM HAZELWOOD CLOSURE

POOR MUST FRY OR FREEZE AS ENERGY COSTS BITE DEEPER

Prices would then remain relatively stable and rest at $68 in 2025.

Loy Yang power station in the Latrobe Valley. Picture: Aaron Francis

But the analysis found under the Coalition, prices would drop to $67/MW in 2021 before rebounding to $87/MW by 2025.

Greenpeace head of research Nikola Casule said the cost of living was a key election issue as Victorians headed to the polls.

“Victorians do care about electricity — both in terms of the cost and carbon emissions,” he said.

“We know that cost of living is a key issue, and power prices are a big part of that.

“What this research shows is that renewable energy is good for prices.”

The research largely attributed the drop in wholesale power prices over the next three years to existing renewable energy targets.

COULD POWER STATION PROMISE SLASH YOUR BILLS?

RENTERS TO GET CHEAP SOLAR PANELS UNDER LABOR

PARTIES’ POINTS OF DIFFERENCE COUNT

Labor has promised to increase the targets to 50 per cent by 2030, while the Coalition has vowed to scrap them altogether.

Instead Opposition Leader Matthew Guy has vowed to add 500MW of energy to the grid with a new power station.

The RepuTex Energy analysis also found that while Labor’s policies may reduce price, they would have little effect on pollution levels with just a five per cent reduction in emissions.

It also found emissions would rise slightly under the Coalition, but drop significantly under Greens plans.

[e-mail]

@moniquehore

MORE STATE ELECTION NEWS:

PLEDGE FOR FREE PADS, TAMPONS IN SCHOOLS

CANDIDATE QUITS MARGINAL SEAT RACE DAYS BEFORE ELECTION

PREMIER SLAMS FIREYS UNION OVER ANTI-JANE GARRETT VOTING CARD