| Are we paying more for our electricity than other countries? Australians always want to know how we stack up. That’s why the Menzies Research Centre is working with experts to investigate how Australia’s energy market compares to other developed countries and how the different mix of generation technologies influence price. I want to share one chart from this project which is striking. From 1978 to 2010, household electricity prices in Australia were consistently lower than the OECD average. Then something drastic happened. |
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| Australian households were paying the equivalent of less than $100USD/MWh for electricity. In the space of a few years it jumped to almost $300USD/MWh while the OECD average remained less than $200USD/MWh. Our analysis also shows that Australia has a less diverse mix of technologies than most countries studied. The most notable difference between Australia and the OECD nations we studied was our country’s absence of nuclear power. This week, world leaders assembled for a global climate summit in Dubai. The Australia delegation led by anti-nuclear energy campaigner Chris Bowen were embarrassed when the US, Canada, France, Japan, the UAE and Britain, recognised “the key role of nuclear energy in achieving global net-zero greenhouse gas emissions/carbon neutrality by or around mid-century and in keeping a 1.5C limit on temperature rise within reach”. French President Emmanuel Macron had a specific message for Australia: “I hope that you will manage to lift the ban. Nuclear energy is a source that is necessary to succeed for carbon neutrality in 2050.” Replacing just one of Australia’s 50 coal generators with nuclear power would remove around 1.6 million tonnes of CO2 annually, equivalent to the emissions created by nearly 900,000 cars running on petrol. As we know, nuclear technology isn’t just good for the environment, it also provides reliable baseload power which drives down electricity prices. A pollster shared some unpublished findings with me this week which showed opposition to lifting the nuclear ban sitting at just 18 per cent. Chris Bowen is not only isolated at the Dubai climate summit. He is becoming even more detached from the desires of the Australian voting public. |
Electricity-From the Menzies Research Centre
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