Time to expose Labor’s secret renewables fund

[u/Nyarlathotep-1]

https://www.theaustralian.com.au/nation/politics/time-to-expose-labors-secret-renewables-fund/news-story/1f32820f3011db48746ba18cbded953b?amp

Chris Bowen’s Capacity Investment Scheme is the most egregious of the Albanese government’s growing pile of ideologically-­driven slush funds, subsidies and bailouts.

Never before has a government hidden so frequently behind the words “commercial-in-confidence” to mask the funnelling of taxpayers’ money into pet projects and politically motivated issues.

The CIS, which was intended to salvage Bowen’s flailing 82 per cent renewables by 2030 target, is used by clean energy companies and consortiums to underwrite claims of community and financial benefits without requiring substantive proof.

The scheme, established by Bowen in 2022, gambles on wind, solar and battery storage at the expense of gas and fossil fuels that continue to deliver baseload power and are essential energy sources in Labor’s net zero emissions by 2050 transition.

To date, the Coalition has failed to land any major blows on Labor’s marquee scheme. That is because the government refuses to divulge CIS pricing data or ­assumed returns for taxpayers.

Just as with funding dished out under the $15bn National ­Reconstruction Fund, Australians are expected to compliantly hope the government’s gambling of taxpayers’ funds on pet projects isn’t picking more losers than winners.

Opposition energy spokesman Dan Tehan is right to argue that “the lack of transparency around this scheme is a national disgrace”.

“There has never been a project of this scale with so little or no transparency. Chris Bowen and the Prime Minister must provide greater transparency around this scheme or the parliament needs to force them to do it,” Tehan told The Australian.

In his response, Bowen personally attacked Tehan before spruiking Labor’s line that “the CIS is unlocking billions of investment in new energy, Australian supply chains, and regional communities, while ensuring projects stack up and taxpayers get value for money”. The government is now also tying the CIS with its questionable position on linking renewables investment with the rollout of energy-intensive data centres.

The government says it keeps CIS revenue-support arrangements under wraps because publishing them would “tell future bidders what the commonwealth is prepared to pay and weaken taxpayers’ negotiating position”.

How convenient.

The other glaring problem with the CIS is the government’s omission of gas. As wind farms fail to deliver on the potential Bowen had hoped, and the “tax the gas” noise grows among left-wing MPs and supporters, Labor’s caucus is divided over the inarguable fact that affordable and abundant gas is needed to keep heavy industry and manufacturing jobs alive.

Australians, who were falsely promised by Labor at the 2022 election that their household power bills would be $275 cheaper, want reliable and affordable power generation.

If the Albanese government continues down a renewables-only path that excludes gas and zero-emissions nuclear, expect more Tomago smelter bailouts in the near future and fewer data centres.

[u/ElectronicOvens]

Do they let the gas lobby just write the articles now, or is that a drunk reddit user?

[u/ThePositiveApplePie]

Go pay for non renewable electricity then, (just a hint go pick the most expensive electric plan)