Bill Shorten announces Labor energy policy with $5 billion fund to ease renewables transition
Federal Labor is planning a $5 billion fund to future-proof Australia’s energy network and ease the renewables transition under the Labor energy policy.
Opposition Leader Bill Shorten will also deliver $10 billion for large-scale renewable capital investment, along with measures to boost energy efficiency for households and businesses.
The policy is called ‘One Plan for More Renewable Energy and Cheaper Power’. Labor says people can expect cleaner energy, lower power prices and improve energy reliability as a result.
Three planks of new Labor energy policy
A ten-year investment framework will then deliver more renewables like solar power and cheaper energy.
- Large-scale renewable projects. The Labor energy policy will provide an extra $10 billion in capital for the Clean Energy Finance Corporation (CEFC). This will then support large-scale wind, solar power and energy storage projects over five years from 2019-20. It will also provide solar battery rebates and boost investment in energy efficiency ventures.
- Renewable energy transition. A new, $5 billion fund will build and upgrade Australia’s energy transmission and distribution systems. As a result, the independent Energy Security and Modernisation Fund will connect Renewable Energy Zones across Australia.
- Energy efficiency. According to the International Energy Agency, Australia also trails other developed countries in energy efficiency measures. A new Energy Productivity Agenda will therefore spend $31 million helping businesses turn this around.
Victorian state election due to be decided tomorrow
As Victorians go to the polls this weekend, the Andrews Labor Government has pledged to continue its Victorian Solar Homes renewables roll-out if re-elected tomorrow.
The Victorian Labor energy policy includes providing half-price solar batteries for 10,000 Victorian households that already have solar panels. The $40 million battery initiative is part of the government’s Solar Homes program.
Liberal leader Matthew Guy is promising a new coal, gas or renewable power station of least 500 MW.
Meanwhile, the Greens want to phase out coal-fired power by 2030. They would also build $9 billion worth of large-scale clean energy generators. Visit our Victorian election energy policies guide for more information.
Secure, affordable energy supply: Renewables transition
Federal Labor will base its energy blueprint on the Australian Energy Market Operator’s Integrated Systems Plan. It plans to:
- Upgrade existing interconnectors and build new ones.
- Upgrade and extend existing gas pipelines.
- Unlock new gas supplies and improve energy transportation.
- Boost transmission links to Renewable Energy Zones.
A Bill Shorten Labor Government would roll out solar battery rebates for up to 100,000 households if it wins the next general election.
It would also adopt the ill-fated National Energy Guarantee (NEG). This was shelved in September, when Prime Minister Scott Morrison ousted former PM Malcolm Turnbull over the ill-fated energy policy.