Carbon Economy

Via the ABC: Malcolm Turnbull’s son has lashed out at vested interests in the Queensland coal mining industry, who he says are exerting undue influence over the Liberal Party’s energy policy.

Via Domainfax: Alex Turnbull blamed “rent-seekers” backing the coal industry for felling his father Malcolm Turnbull as prime minister, saying it’s “impossible” to vote for the Liberal-National coalition “in good conscience” because of its climate stance.

Finally somebody talking sense on energy and gas.

As a PM, if you let your country get eaten alive by rent-seekers’ devouring the fundamentals of your civilisation then you deserve everything that you get.

At The Australian today: Malcolm Turnbull will try to head off the potential resignation of several ministers over the national ­energy guarantee with a promise to rebel MPs that the three big ­energy companies will be targeted for market manipulation and ­deliberately inflating power prices through secret contracts.

On both sides.

Via the AFR: The Turnbull government is fast-tracking a policy to underwrite a new coal-fired power station as it seeks to win the support of wavering conservative MPs for the National Energy Guarantee at Tuesday’s Coalition party room meeting.

Via Peter Hannam: Prime Minister Malcolm Turnbull told the Queensland Media Club a month ago that his “obsession” was cutting energy bills.

NEG propaganda is now as widespread as climate change itself, at The Australian: The Australian Energy Market Operator could be forced to intervene more often to prevent blackouts in Victoria, as energy users warn of extra costs in excess of $300 million if Labor states veto the national energy guarantee.

By Leith van Onselen The Australia Institute’s (TAI) Climate & Energy Program has released updated analysis assessing the value and effectiveness of the current NEG using figures from the Australian Energy Market Operator (AEMO).

The BBC has it: It may sound like the title of a low budget sci-fi movie, but for planetary scientists, “Hothouse Earth” is a deadly serious concept.

by Chris Becker Elon Musk has “surprised” the market by laying out a tentative plan to privatise the currently publicly listed Tesla electric car/solar energy company with a $420 per share price offer.

Cross-posted from The Conversation: The final design document for the National Energy Guarantee (NEG), released this week, contains a range of claims about the policy’s ability to drive down both greenhouse emissions and electricity prices.

by Chris Becker Long term Macrobusiness readers have grown savvy to the underlying ideologies that imbibe the media narrative.

By Leith van Onselen First the company tax cuts. Now the National Energy Guarantee (NEG) has divided the Turnbull Government, with various Coalition MPs slamming the policy.

Via The Australian: Fresh gas shortages on Australia’s east coast could emerge from mid-2019 — two years sooner than official forecasts — due to a sharp decline in Victorian offshore gas production piling renewed pressure on domestic prices, a private firm fronted by former BHP executives has warned.

Sometimes you have to look on in a kind of reverse awe, via The Australian: Key Senate crossbenchers Pauline Hanson and David Leyon­hjelm have warned Malcolm Turnbull they could sink his ­national energy guarantee if he is forced to rely on independent support to secure his signature ­energy reform.

Via The Australian: Federal Labor has condemned Malcolm Turnbull’s national ­energy guarantee, declaring its “pathetic’’ emissions cuts will ­stifle renewable energy investment, threatening to extend a decade-long policy deadlock that has sent electricity prices soaring.

Via The Guardian: Josh Frydenberg has offered an olive branch on the national energy guarantee, telling state energy ministers the emissions reduction target can be reviewed after five years – stepping back from an ambit claim that it be locked in for a decade.

Via Reneweconomy: Barely a week after submissions closed on the Turnbull government’s proposed National Energy Guarantee, a “decisions” paper of the controversial policy proposal has been delivered to state and territory governments, ahead of the crucial August 10 COAG Energy Council meeting.

Via The Guardian: The British billionaire who rescued the Whyalla steelworks from administration and is spending more than $2bn on clean energy and green steel developments in regional South Australia says most Australians are yet to grasp that solar power is now a cheaper option than new coal-fired electricity.

Via Westpac: As investor and energy industry interest runs high in Snowy Hydro’s big expansion plans, Chief Executive Paul Broad predicts greater reliability and lower electricity prices.

Via The Guardian: A national energy guarantee with a more ambitious emissions reduction target of 45% by 2030 would lead to power prices falling over the life of the scheme in contrast to the Turnbull government’s proposal, according to new modelling.