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The Forum > General Discussion > The RET. The most efficient transfer of wealth from the poor to the rich.

The RET. The most efficient transfer of wealth from the poor to the rich.

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Given that the lowest income households already spend 7 per cent of their disposable incomes on energy, according to the Australian Council of Social Service, and energy takes just 2.6 per cent of the budget of those on high incomes, the extra cost added to electricity bills, will fall most heavily on those with limited incomes, such as pensioners

The going rate of $40 a megawatt hour means the total income per megawatt for wind farms is already three to five times that of conventional power, and unless the government changes the scheme that return is only going to get better. In an act of rent-seeking genius, the renewable lobby managed to persuade the Rudd government to set the 2020 target as a quantity ó 41 terawatt hours ó rather than 20 per cent of overall power as originally proposed. Since the target was set, the energy generation forecast for 2020 has fallen substantially, meaning the locked-in renewable target is now more like 28 per cent.

That will send the price for renewable certificates up beyond $100. Itís a mouth-watering prospect for the merchant bankers and venture capitalists who were smart enough to jump on board, and brilliant news for Mercedes dealerships on the lower north shore, but of little or any benefit to the planet.

As the electricity prices have risen faster due to the RET than even the odious carbon tax, the anticipated huge spike in power costs needs to be restrained by bringing the RET target back to the intended 20%.
Posted by Shadow Minister, Tuesday, 29 July 2014 12:09:09 PM
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Shadow Minister, you have no need to worry about electricity prices now surely?
Tony says once he gets rid of the carbon tax, our electricity bills will fall, and he never lies....
Posted by Suseonline, Thursday, 31 July 2014 1:23:15 AM
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Not if they bring in the ETS. Businesses will have to buy carbon credits if they use energy. So who does not use electricity or transport.So they will have to pass the cost onto the consumer.

This money then goes into the share market to make the banks Al Gore and Clive Palmer richer.
Posted by Arjay, Thursday, 31 July 2014 6:51:06 AM
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SOL,

I am not sure if looking stupid was your intention, or whether the left whingers think it is cool to make inane quips.

The huge increases in electricity prices was due to three factors in descending order:
1 Network reliability upgrades
2 RET (especially since Rudd supercharged it)
3 Carbon tax.

The coalition has already started negotiation with the networks to moderate their upgrades and thus their charges, has already got rid of the carbon tax, and is now reviewing the changes to the RET that Rudd introduced that increased the renewable component by about 40%.

So considering that with the costs from all 3 factors projected to increase rapidly under Labor, they will slow dramatically or reverse in the case of the carbon tax.
Posted by Shadow Minister, Thursday, 31 July 2014 4:04:46 PM
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Shadow Minister, you will have to excuse my cynicism, but do you really expect to see electricity prices go down for ANY reason?

I wasn't happy with the carbon tax either, but I have yet to see anything go down in price since it has supposedly 'gone'.
I hope I am wrong...
Posted by Suseonline, Thursday, 31 July 2014 8:50:01 PM
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SOL,

In the short term yes. The network costs are locked in for this year and so the carbon tax can come off now.

In the medium term the network gold plating is still continuing, I recently visited a new $300m Ausgrid sub whose main purpose was to improve reliability. The RET is forcing networks to buy more of the hideously expensive wind and solar power at >10x the cost of normal generation, so until these issues are addressed, electricity will continue to rise in cost rapidly.

The consequences of failing to act are illustrated here:

http://joannenova.com.au/2014/07/lets-copy-california-and-have-less-jobs-less-money-less-energy-feel-that-green-glory/
Posted by Shadow Minister, Friday, 1 August 2014 6:12:14 AM
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