News National Power giants face government-backed power plants

Power giants face government-backed power plants

Australia will become an international outcast unless it shuts all its carbon-belching coal-fired generators by 2030, the report says. Photo: Getty
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Electricity giants will be confronted with controversial plans for government-backed “fair-dinkum” power plants during a meeting with the federal energy minister.

Angus Taylor will canvass the contentious underwriting proposal during an industry roundtable on Wednesday, where there will also be debate on price cuts.

“The Australian government’s underwriting new-generation investments program is focused on attracting new investment in firm or firmed generation capacity to increase competition and reduce electricity prices,” Mr Taylor wrote to retailers ahead of the meeting.

“The new program also aims to improve reliability and security by increasing the level of firm capacity in the system.”

The underwriting proposal, which could see Canberra bankroll a new coal-fired plant, signals the willingness of the coalition government to shake up the market share of the big retailers.