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Energy stories

$15m cost for energy price cap

Hydro Tasmania announced a plan in May to sacrifice up to $15 million in revenue in implementing a Government-mandated limit on power price rises for households and businesses. Under new legislation rises will not be allowed to exceed the consumer price index for 12 months – a rate of about 2 per cent. Energy issues in other States have driven up wholesale prices on the National Electricity Market and this was threatening substantial rises for 2,000 unregulated customers, who have short-term contracts. Hydro Tasmania’s Chief Executive, Steve Davy, said: “We’re forecast to make a modest profit … but our focus at the moment is energy security and sustainable prices for Tasmanians.” The Treasurer, Peter Gutwein, said Treasury would complete a review next year of options to untie the State from interstate wholesale prices. Meanwhile, a strong response has persuaded the Government to double funding for the Energy Efficiency Loan Scheme for households and small businesses to $20 million. The scheme enables borrowers to access three-year, interest-free loans of up to $10,000 to buy energy-efficient appliances.

6 June 2017, Edition 184

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