A Shorten Labor Government will modernise Australia’s ageing energy transmission infrastructure to unlock new sources of clean, affordable and reliable energy.
Australia’s energy system is undergoing a major transition – the current infrastructure is not fit for purpose. As ageing coal-fired power stations approach the end of their technical life, there is a critical need for new sources of affordable, reliable, and clean energy. This will require more renewable energy, storage and gas.
For this transition to be successful, Australia needs to upgrade our energy infrastructure and networks. This is necessary as generation, particularly of renewable energy, is becoming more localised and less geographically concentrated.
As the Australian Energy Market Operator highlighted in its Integrated System Plan (ISP) the investment required to facilitate this transition is “significant and unavoidable”. Labor knows this massive transition cannot be left to the big energy companies alone – there is a clear role for public investment to rectify the years of privatisation.
Taking a strategic, national approach to energy moderation is critical to putting downward pressure on power bills and delivering clean, affordable energy.
Labor will establish an independent $5 billion Energy Security and Modernisation Fund that will support:
This will drive investments in clean energy, put downward pressure on power bills and create jobs.