Proof Australia’s energy transition will drive up power prices
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Labor launched its Powering Australia Plan in late 2021, promising to reduce National Energy Market (NEM) wholesale power rates by $11 per MWh, from $62 to $51, by 2025.
Labor boasted that its Powering Australia Plan would save Australians $275 on their residential electricity bills by 2025 and $379 by 2030.
The Australian revealed that the cost of generating electricity across Australia’s grid increased by more than 80% in the final three months of 2024.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.