showing wholesale spot prices fell 27 per cent<\/a> compared with the July to September period last year, junior Minister Julian Hill said he did not think households need to brace for high power bills.<\/p>\n\u201cThose projections are put out regularly, and they go up and they go down,\u201d Mr Hill told News24.<\/p>\n
\u201cI take them with a grain of salt,\u201d he said.<\/p>\n
\u201cThey\u2019re not a they\u2019re not a sort of a prophecy, because as new capacity comes online \u2026 the projections continue to change.<\/p>\n
\u201cBut we have a record level of investment in the pipeline \u2013 committed investment, stuff under construction – to bring new renewables online, which are the cheapest form of new power.<\/p>\n
\u201cThat\u2019s what the market operator continues to say.\u201d<\/p>\n
The modelling comes as Anthony Albanese and Energy Minister Chris Bowen attend world\u2019s premier climate conference in Turkey, where world leaders are under pressure to adopt more ambitious emissions reduction policies.<\/p>\n
Global temperatures are set to soar past a 1.5\u00b0C increase above pre-industrial levels in the next three-four years.<\/p>\n
The latest UN climate data shows the world is on track to heat 2.6\u00b0C by the end of this century.<\/p>\n
Ahead of his departure for Turkey on Tuesday, Mr Albanese said his government \u201cknows how important action on climate\u201d is.<\/p>\n
\u201cAustralia\u2019s influence matters, and the progress we make abroad matters to Australians at home,\u201d he said.<\/p>\n
\u201cWe\u2019re not watching from the sidelines.<\/p>\n
\u201cWe\u2019re showing up and working with our partners to make sure the decisions that affect Australians are shaped by Australia.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Wholesale energy prices could almost double in Australia by 2029 as the shuttering of coal-fired power stations 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