Fighting off a gas price spike

It seems counter-intuitive, but new economic research suggests that abolishing the Renewable Energy Target could increase bills for consumers. It's a bizarre finding but it has to do with avoiding a massive power price spike caused by increasingly expensive gas-fired power.

New economic modelling analysis by one of Australia’s leading energy market modellers, ROAM Consulting, suggests that abolishing the Renewable Energy Target would actually increase electricity bills for consumers rather than reducing them. 

According to the study, average residential electricity bills would be $51 a year higher in 2020 and an average of $100 per year higher post 2020 if the Renewable Energy Target is repealed. This is the case even without a carbon price in place.

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