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The Turnbull government's national energy guarantee would save the average household $ 550 a year on electricity bills, $ 150 more than expected, according to a final design proposal sent to the senior executives. States and territories. Set up by the architect of the policy, the Energy Security Council, also provides that the electricity sector will achieve almost all its emission reduction goals of ten years in 2020-21, the first year of the operation.
-21, emissions in the national electricity market are expected to be about 24% below the levels of 2005. "Despite this, the policy is expected to reach 26% by the end of of the decade
It also states that a future government could increase the goal of reducing emissions without affecting the political framework, which must also guarantee the reliability of supply.
This gives Labor the opportunity to support the political framework but reserves the right to go to the next election by promising higher emissions cuts for the sector than the government preferred 26% to the 2005 levels of the year. 39, here 2030.
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The work has not yet named a target, but has considered 45 percent.
The proposal, which was seen by The Australian Financial Review was delivered to prime ministers and chief ministers [lundi]
They will meet Federal Energy Minister Josh Frydenberg August 10 and will be asked to accept the policy. If so, states will legislate to establish the policy framework while the Commonwealth will legislate details such as the goal of reducing emissions.
The guarantee would begin in 2020 and would require electricity retailers to simultaneously achieve the reliability and emission reduction goals. The council's proposal badigns most of the planned reductions in energy bills and rapid decline in emissions to an irreversible and market-driven boom towards renewable energy – a huge pipeline of clean energy projects of 7800 megawatts that are expected to join the national electricity market by 2020 [219]
But it argues that the guarantee will be essential to lock in further price cuts later in the next decade, bringing Electricity sector emissions under the cumulative 'budget' carbon for 2020-2030 and help the market to cope with more ambitious ambitions. emission reduction targets in the future without a return to the failures that have undermined these last years
. The independent modeling model predicts that the average annual household bill would be $ 400 lower annually from 2020, based on 2017 prices.
This amount included $ 120 for the guarantee and $ 280 for new investments in renewable energies already planned. , mainly because of the goal of renewable energy, which will extend until 2030.
The BSE proposal puts the average annual saving to $ 550 on the price of 2018, of which $ 150 is due to the guarantee and $ 400 to renewable energies.
"The continued connection of additional renewable energy projects to the national energy market in the coming years is expected to lower prices relative to today's high levels. ", says the proposition
. production is expected to make a substantial contribution to the reduction of emissions in the national energy market and to the additional reduction needed. "
The final proposal contains other significant changes from the draft published in June
The project contained fines of $ 100 million for a violation of the objective emissions reduction and $ 10 million for breach of the reliability objective, and the maximum cumulative penalty for the latter was also increased to $ 100 million
a major victory for manufacturers and others large consumers of electricity, they will not be responsible for the reliability of supply during shortages by reducing their own energy
They can now choose not to have to contract for their own reliable production unless that they do not change supplier during a period when the obligation of reliability is triggered.
In another important concession, retailers and major On occasions the customers subject to the obligation to issue may "postpone" or postpone the obligation of their first full year for two years.
Next, they will be able to carry forward only 10% of the bond plus 60,000 MWh – an increase from the previous version and a boost for small retailers
While the states and territories have reserved comments , the industry and the energy sector have welcomed the design led to a political consensus, at least on the framework.
"ESB found a reasonable equilibrium and responded to the concerns of the Ai group and our members about the previous" withdrawal "of the reliability requirement with an" opt-in "more just, "Innes Willox
chief executive of the Australian industrial group, said:" Competitive safeguards while streamlining the proposal. "Technical design avoids big surprises and facilitates agreement at COAG Energy Council
" But the outstanding political issues around emission targets can only be solved by the Commonwealth-State compromise. "
Clean Energy's Kane Thornton The Council supports the guarantee framework, but will argue in favor of A higher emissions reduction target.
"With the adoption of political architecture, it would be easier to increase the emission target to l & # 39; future. He believes that the guarantee will work seamlessly with a more ambitious goal of reducing emissions, such as the one proposed by the Labor Party. , and its guarantee of reliability will help manage the volatility that might otherwise be introduced into the market by ensuring that firm capacity is contracted by
"Coupled with wholesale market prices, this will encourage Investment in dispatchable resources so that higher targets do not affect reliability. "
Sarah McNamara, CEO of the Australian Energy Council also supported the policy "The NEG remains the best mechanism to overcome the stalemate of investment that has been the mark of more than 10 years of political uncertainty.
"Nationally agreed policy framework will trigger required investment and lead to greater reliability"
"We anticipate that these adjustments to the proposed final design will help to resolve any persistent opposition to the GNE.
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