Canberra, Oct 11 (SocialNews.XYZ) The head of one of Australia's largest electricity companies on Tuesday warned of soaring power prices in 2023.
Jeff Dimery, chief executive of Alinta Energy, revealed that based on current projections, retail electricity prices could increase by 35 per cent over the next 12 months, reports Xinhua news agency.
Addressing the Australian Financial Review (AFR)'s Energy and Climate summit, Dimery said the country was "out of time" to implement policies to support investment in renewable energy capacity to replace outgoing coal-fired power plants.
"When we run our modeling for energy pricing next year, using the current market prices, tariffs are going up a minimum of 35 per cent," he was quoted as sayingy.
Dimery voiced concerns about the amount of development needed to guarantee the supply of electricity as Australia transitions away from fossil fuels.
In the lead-up to May's general election, Climate Change and Energy Minister Chris Bowen promised electricity prices would fall by 2025 under a Labor Party government.
In a speech to the summit, he reaffirmed that commitment.
"We remain of the view that renewables are the cheapest form of energy by a country mile as Australian Energy Market Operator says, and getting more renewables in the system will mean lower power prices," the Minister added.