Category Archives: Energy

AFP foil plan to import $1.6bn of liquid meth in coconut water bottles – as it happened

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People have been cleared to return to their homes as flood threat eases in Victoria, but the Bureau of Meteorology is warning of renewed flooding in parts of NSW. This blog is now closed

Chalmers on the size of government debt and making it ‘sustainable’

The treasurer is asked whether the government will consider rethinking taxes like GST and PRRT.

We have already found $22bn in savings, $28.5bn in budget improvements overall. We kept real spending growth flat across the forward estimates. We have got the debt down over the forward estimates. We have let 99% of the temporary revenue surge from higher commodity prices flow through to the budget.

That is good progress when we have shown in doing that … you can move sensibly on all fronts, restraint, trimming spending, sensible tax reform, you can make the budget more sustainable and that will be the task of the two or three budgets remaining in this parliamentary term as well.

We need to work out how do we maintain a focus on Australians with a disability and their families, how do we put them front and centre, and at the same time make sure that spending on the NDIS is sustainable and important part of that is making sure we get value for money for every dollar that is spent in what is a really important, really, really important service that we provide to Australians.

I do understand there is a substantial part of the community that would prefer that that PRRT take was higher.

We haven’t been working up an option to do that to change the PRRT arrangements but the treasury has been commissioned by my predecessor and by his predecessor to do some of this work around the taxing point in the PRRT.

We do want to make sure Australians get a good return for their resources. We need to balance that against the investment that’s been made into the sector. When I get that advice from I will engage in it a meaningful way and I will listen to it.

We have seen I think as you acknowledged in your first question, on this topic, company taxes are up quite substantially. That’s a good thing and we have let that flow through to the budget. The PRRT, there’s a modest increase. I will wait to see what the treasury advises us on the conclusion of the review that my two predecessors put in place.

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Treasurer says gas review likely to result in mandatory code of conduct as energy costs soar

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Government has also not ruled out using threat of export limits to guarantee more domestic supply, Jim Chalmers says

The Albanese government will toughen gas market regulation and intends to make the industry code of conduct mandatory, with the treasurer, Jim Chalmers, also not ruling out export limits or cash handouts as soaring bills put pressure on household budgets.

On Sunday, Chalmers signalled a review, announced in the budget and being conducted by the competition regulator, would likely include mandatory price regulation and a requirement for “meaningful offers” to domestic consumers.

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No immediate power price relief for households and businesses as Australia’s energy ministers meet

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Ministers agree to give regulator more powers to ensure supplies while plans for a capacity market could be ready in December

Households and businesses will get no immediate relief on their utility bills after Friday’s meeting of energy ministers, with discussions instead aimed at ensuring electricity and gas supplies will be ample next winter.

Federal, state and territory energy ministers gathered in Melbourne for an update on power and gas markets, and to discuss progress on creating some form of a capacity market that would bolster the reliance of the energy sector as coal-fired plants exit.

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Kyiv facing ‘sharp deterioration’ in electric supply after Russian strikes

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Supplier tells people living in and around city that blackouts could last ‘a lot longer’ than previously planned

• Russia-Ukraine war – latest news updates

Ukrainians living in and around Kyiv have been told of a “sharp deterioration” in the region’s electricity supply after a fresh wave of Russian strikes aimed at sapping public morale as the country’s cold winter approaches.

A local energy supplier, Yasno, warned that existing blackouts could last a lot longer than a previously planned schedule of four-hour outages and that the capital already faced an electricity deficit of about 30% or more.

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Australian schools science roadshow drops Santos as naming rights sponsor

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Exclusive: Organiser says income from gas company was tied to deal and ‘we are now searching for a new sponsor’

Organisers of a nationwide schools science roadshow say they have dropped gas company Santos as its main sponsor after a senior climate scientist said the fossil fuel funding was inappropriate.

The Science Schools Foundation, which runs the Santos Science Experience, told Guardian Australia its board had decided not to renew the gas company as its naming rights sponsor for next year.

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Rishi Sunak will keep ban on fracking in UK, No 10 confirms

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PM said he stood by Tories’ 2019 manifesto policy when asked in Commons, in rebuff to Liz Truss

Fracking will in effect remain banned under Rishi Sunak’s government, his spokesperson confirmed on Wednesday, saying the new prime minister was committed to the policy in the 2019 manifesto.

The confirmation came after the prime minister told the Commons that he “stands by” the manifesto, which put a moratorium on shale gas extraction.

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Federal budget: Jim Chalmers flags intervention in energy market as prices surge

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ACCC to review gas industry as Labor’s budget forecasts point to a 56% rise in power prices over the next two years

The Albanese government has asked the competition watchdog to review the code of conduct covering the gas industry and recommend options to toughen the current regime in the hope of delivering energy price relief to households and businesses.

The Australian Competition and Consumer Commission confirmed it had new riding instructions from the government after the treasurer, Jim Chalmers, on Wednesday flagged fresh government intervention in the energy market.

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Jim Chalmers’ first budget comes amid a darkening economic outlook. Here’s what could go wrong

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The federal budget forecasts growth of 3.25% this year but hints at a slowing global economy with high inflation and interest rates

The resilience of Australian households to soaring expenses and the nascent recovery of China’s economy will likely determine whether Jim Chalmers’ first budget is a charm or chimera.

This year’s forecast for Australia’s economy to grow 3.25% may be the best this side of the next federal election as the Reserve Bank tries to douse inflation with another 75 basis points of interest rate hikes. The outlook, though, is darkening at home and abroad, adding to looming fiscal strains.

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France becomes latest country to leave controversial energy charter treaty

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Quitting the ECT, which protects fossil fuel investors from policy changes that might threaten their profits, was ‘coherent’ with Paris climate deal, Macron said

France has become the latest country to pull out of the controversial energy charter treaty (ECT), which protects fossil fuel investors from policy changes that might threaten their profits.

Speaking after an EU summit in Brussels on Friday, French president, Emmanuel Macron, said: “France has decided to withdraw from the energy charter treaty.” Quitting the ECT was “coherent” with the Paris climate deal, he added.

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Tory MPs mull backing Labour attempt to force binding fracking vote

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Opposition motion drafted to make it very difficult for government to ignore or allow mass abstentions

Labour will attempt to force a binding vote on fracking on Wednesday, as Tory MPs mull backing a bid which would allow the opposition to put down a bill banning shale gas extraction.

The motion submitted by Labour for its opposition day debate is drafted to make it very difficult for the government to ignore the vote or allow mass abstentions.

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What are European countries doing to cut power consumption?

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Governments across the continent have announced a range of measures to tackle any energy shortages this winter

Paris is switching off the Eiffel Tower lights an hour early, Milan has turned off public fountains, and Hanover is offering gym users cold rather than hot showers in an effort to combat potential energy shortages this winter.

At the same time, the public are being encouraged to do their bit by avoiding using household appliances between 4pm and 7pm, stock up on blankets and slow down their driving.

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Jeremy Hunt to detail mini-budget U-turn to MPs after Penny Mordaunt insists PM had ‘genuine reason’ for missing Commons question – live

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Latest updates: chancellor to make statement after leader of Commons denied PM was hiding under a desk

Judging by what Conservative MPs have been telling journalists in private over the last few days, the consensus (but not unanimous) view among Tories seems to be that Liz Truss will have to be replaced as party leader before the next election. But very few MPs are saying that in public, and Sky’s Tom Larkin, who is running a spreadsheet of Tories calling for Truss’s resignation, has only got three names on it.

Damian Green, the former first secretary of state, was on the Today programme and you would expect him to be on the Larkin list. He is chair of the One Nation Conservatives caucus, the group most horrified by Truss’s experiment with hardline free market ideology. But he insisted that Truss did have the credibility to carry on as PM, despite the fact she is abandoning most of the key tax policies at the heart of her leadership campaign. He explained:

She is a pragmatist - she’s realised that the first budget didn’t work in spectacular fashion, so she’s now taken the sensible view that we will now try something else, and she’s appointed a very sensible chancellor in Jeremy Hunt.

I obviously don’t know what he’s going to say, but clearly what he’s going to do is already beginning to reassure the markets, and I hope will continue to do so afterwards.

Yes, because if she leads us into the next election, that will mean that the next two years have been a lot more successful than the past four weeks have been. That would not only be good for the Conservative party, that would be particularly good for the country as well, so I think everyone would welcome that.

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Billionaire Mo Ibrahim attacks ‘hypocrisy’ over Africa’s gas

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Telecoms entrepreneur says continent’s people should be allowed to use their vast reserves

One of Africa’s richest entrepreneurs, the telecoms billionaire Mo Ibrahim, has criticised developed countries for seeking to dissuade African nations from exploiting their vast reserves of gas.

Ibrahim told the Guardian in an interview: “We need a balanced and a fair policy for everybody. Gas can be useful to our transition … [Those who say otherwise] are hypocrites.”

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Public ownership of power assets key to smooth shift to renewables, Queensland energy minister says

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Government also able to offset impact of higher energy prices globally following Russia’s invasion of Ukraine, Mick de Brenni says

Retaining control of its electricity assets has given Queensland an edge over other regions in coordinating and funding the race to decarbonise the economy, the state’s energy minister, Mick de Brenni, says.

Queensland last month unveiled a $62bn plan to rid its power grid of coal by 2036, replacing the generation with 25GW of large-scale wind and solar farms, new transmission lines and two giant pumped hydro plants for storage.

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Covid quarantine centre to reopen for flood evacuees – as it happened

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Daniel Andrews says 500 homes have been flooded and another 500 have been isolated. This blog is now closed

An estimated 500 homes are flooded in Victoria with number expected to grow: Daniel Andrews

Victoria’s premier, Daniel Andrews, has been on ABC radio Melbourne this morning, providing listeners with an update on the floods.

Obviously this has been a very, very significant flood event and it’s far from over. There’s a little bit more rainfall but as that weather event passes through, the real challenge is waters continuing to rise and more and more houses being inundated, more and more communities being closed off, becoming isolated, then of course we move to clean up and all of those issues.

We think there’s about 500 homes that are flooded, we think there are another 500 that have been isolated across the state. But I would just say they’re very early estimates and the aerial intelligence gathering choppers are up in the air now ... they’ll be doing all their reports back to the state control centre. So I’d say those numbers are absolutely certain to grow. And indeed, we’re still asking people to leave in some areas. There have been important, important evacuation notices have been issued in a number of communities. So those numbers will go up. That’s why we’ve got nine important relief centres opening and 50 sandbag collection points. There’s an enormous amount of work going on.

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Labour vows to treble solar power use during first term if elected

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Ed Miliband criticises Liz Truss’s ‘anti-green-energy dogma’ after plans to ban solar projects revealed

Labour has criticised prime minister Liz Truss’s plan to ban solar power from most of England’s farmland and vowed to treble the renewable energy source in its first term.

Ed Miliband, the shadow climate secretary, will visit a solar farm on Friday. He is to lay out his opposition to plans by Truss and her environment secretary, Ranil Jayawardena, who the Guardian revealed earlier this week are hoping to ban solar from about 41% of the land area of England, or about 58% of agricultural land.

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Liz Truss on collision course with Jacob Rees-Mogg over solar power ban

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PM wants to prevent panels on 58% of farmland but business secretary says renewables need to be boosted

Liz Truss is facing a rebellion from Jacob Rees-Mogg’s business department over plans to ban solar power from most of England’s farmland.

The prime minister and her environment secretary, Ranil Jayawardena, want to ban solar from about 41% of the land area of England, or about 58% of agricultural land, the Guardian revealed earlier this week.

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Labor ramps up pressure on gas industry as energy prices rise but stops short of price caps

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Unions accuse resource minister Madeline King of signing ‘dud deal’ with multinational gas companies

Labor is ratcheting up pressure on the gas industry as it contemplates a workable policy mechanism to lower prices.

The energy minister, Chris Bowen, on Tuesday night ruled out intervening in the market with price caps after the treasurer, Jim Chalmers, confirmed the government was revisiting the problem of gas prices given soaring energy costs are driving domestic inflation and punching a hole in household budgets.

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Power giants to face windfall tax after all as Liz Truss delivers U-turn

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Prime minister accused of ‘another screeching U-turn’ having previously rejected calls to impose levy

Renewable power companies will have their revenues capped in England and Wales, after the government bowed to pressure to clamp down on runaway profits.

The announcement late on Tuesday night provoked immediate accusations that Downing Street had performed “another screeching U-turn” – having previously rejected calls to impose a windfall tax on power giants.

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Kwasi Kwarteng’s secret meetings with Saudi oil firms revealed

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Exclusive: Meetings while in Saudi Arabia undisclosed due to ‘administrative oversight’, says business department

The chancellor, Kwasi Kwarteng, held undisclosed meetings with senior executives of Saudi Arabian firms when he was the business secretary, documents acquired by the Guardian show.

The meetings occurred in January, when Kwarteng visited the kingdom for a two-day trip under his previous ministerial role.

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