Investors call for Australian energy market overhaul

Australia’s power generation sector has been hamstrung by shambolic policy decisions for decades prompting investors to demand an end to a parochial preference for fossil fuels.
Victoria's Hazelwood coal-fired plant closed in March and many more aging plants will soon be decommissioned
Victoria's Hazelwood coal-fired plant closed in March and many more aging plants will soon be decommissioned

A country as resource-rich as Australia shouldn’t suffer from rising energy prices but it does and the reasons frustrate investors and consumers alike.

Australia’s energy market has been hamstrung by shambolic policy decisions for decades, highlighting some surprisingly archaic attitudes that are holding back one of the Asia-Pacific region’s most developed economies and making it virtually impossible for institutional investors to gain access to the renewables sector.

The result is a worrying surge in electricity prices. Household power bills have increased by 20% annually since 2015, while industrial users such as manufacturers and food producers that aren’t subsidised are paying even more, with their bills up 60%...

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