The 3 Big Energy Companies: Villains over renewables.

John Hewson writes that Origin, Energy Australia and AGL have significantly influenced the Abbott government’s ditching of its clear election promise to keep the RET at 41,000GWh.  The big three control over 70% of the retail energy market in Australia. They lobbied the coalition for the RET to be scrapped altogether or significantly cut. They knew weakening the RET would drive up the value of their fossil fuel assets, such as their investments in polluting coal fired power plants and coal seam gas mining. And it would limit new competition in the energy market, competition which lowers power prices for consumers. … Interestingly, the Coalition inquiry, led by climate sceptic Dick Warburton, found that the RET will drive down the price of power for consumers.

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