The Federal Government is pushing up power prices for consumers instead of bringing them down with its"picking winners" policy of funding some energy projects, according to the Grattan Institute.In March, the Government announced 12 projects to be underwritten with taxpayer funds in a bid to deliver more affordable and reliable power
The Government launched the Underwriting New Generation Investments policy to deliver affordable and reliable power, but new analysis by the Grattan Institute has found it is preventing more viable projects, which could generate power sooner, from being built. "As soon as they do that, by definition they almost create the very problem we're trying to solve … we are not getting the investment we want into the future requirements."These include pumped-hydro projects proposed by BE Power in Queensland, Hydro Tasmania and UPC Renewables in NSW, as well as a gas plant in NSW owned by Australian Industry Energy.
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