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NATIONAL ENERGY GUARANTEE CONSULTATION PAPER RELEASED

The Turnbull Government welcomes the Energy Security Board’s release of its consultation paper on the National Energy Guarantee.

The consultation paper seeks stakeholder views on the design of the Guarantee, which the COAG Energy Council will consider at its meeting in April 2018.

The National Energy Guarantee will ensure Australians have a reliable energy system and as shown by independent modelling households will be $300 a year better off than they would be under federal Labor.

The proposed design of the Guarantee will cut electricity prices by:

  • ending subsidies for energy, which are passed on to all customers;
  • creating a level playing field that ensures all types of energy are part of Australia’s mix;
  • providing certainty for investors – more certainty will mean more supply and, in turn, lower prices; and
  • reducing volatility, by ensuring reliable energy sources which provide power when it’s needed.

The National Energy Guarantee will lower electricity prices, make the system more reliable, encourage the right investment and reduce emissions without subsidies, taxes or trading schemes.

It is truly technology-neutral, offering a future for investment in whatever technology the market needs – solar, wind, coal, gas, batteries or pumped hydro storage.

The Energy Security Board will undertake further consultation and design work on the Guarantee following the COAG Energy Council meeting in April 2018, with the final detailed design to be presented to the COAG Energy Council later this year.

The Turnbull Government looks forward to continuing to work with the states and territories and the Energy Security Board on the Guarantee.

Information on how to make a submission on the consultation paper is available via http://www.coagenergycouncil.gov.au/publications/energy-security-board-national-energy-guarantee-consultation-paper. Submissions close on 8 March 2018.

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