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The Guardian - AU
The Guardian - AU
National
Paul Karp

Albanese budget scraps ‘risky’ Coalition plan to underwrite new power generation

Coalition Coal Angus Taylor Louise Pratt Scott Morrison Electricity Labor
Sunset over Vales Point power station, near Newcastle
An upgrade to the coal-fired Vales Point power station was one of the 12 projects shortlisted but never funded by the electricity underwriting scheme that has been scrapped in the October 2022 budget. Photograph: Sunnypics-oz/Getty Images/iStockphoto

The Albanese government has scrapped the Coalition’s electricity underwriting scheme. Critics had warned it could cost billions to prop up fossil fuels and would push up power prices.

On Monday, the industry minister, Ed Husic, repealed the instrument that enabled federal funding for energy generation projects, a pet scheme of the former Liberal energy minister Angus Taylor.

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