New South Wales pricing regulators have unleashed electricity rates with prices set to leap 60 percent in Australia's largest energy market over the next three years.
The decision was presented by NSW State "Independent Pricing and Regulatory Tribunal" as a necessary move to support construction of new power generation and the transition to a low carbon energy base.
The move sends a welcome price signal to a mix of privately owned fossil fuel and renewable energy producers – that state owned power utilities face an onslaught of competition.
Both households and businesses will have little choice but to improve energy use and efficiency.
But most critically it brings the cost effectiveness of renewable energy into a breakeven position – without government subsidies – in timeframes of 5-15 years rather that 20-40 years.
And while current subsidies remain available, any home or business can look to breakeven in five years and less on a range of home and business power solutions such as solar, wind and cogeneration systems.
The full PDF report can be found here. It outlines the decision and the electricity market in NSW over next three years.
Share This Article With Planet Earth
