Australian power prices to double by 2029. By Perry Williams, Ben Packham and Jacquelin Magnay in The Australian.

Australian power prices are ­projected to nearly double by 2029 as delays in building giant wind farms and the closure of coal plants throttle the nation’s energy transition …

Wholesale electricity prices will surge up to $110 per megawatt hour from the current $60MWh, with the government’s Capacity ­Investment Scheme failing to ­deliver enough new renewable ­capacity before the country’s biggest coal stations exit the power grid, modelling by consultancy Rystad Energy shows. …

Labor promised before the 2022 election to reduce average household electricity bills by $275 by 2025. Instead prices rose. …

Treasury officials have also ­admitted that the government’s net-zero modelling predicting the collapse of Australia’s $130bn ­fossil-fuel sector ignores record overseas demand for the nation’s coal and is built on assumptions that contradict the government’s own economic forecasts.

What did Australia miss out on to afford its renewable power system? Handre:

Government stimulus spending doesn’t create resources. It redirects them. When Washington borrows a billion dollars and injects it into infrastructure or green energy, it pulls that capital away from whatever private actors would have funded.

The seen benefit (the bridge, the solar panel factory) obscures the unseen cost: the businesses never launched, the technologies never developed, because the capital was conscripted first.

The Australian ruling class fell hard for the disproven carbon dioxide theory of global warming, without doing due diligence. So, Australia has spent huge resources on building a second electricity system. Yes, a renewables system needs to keep the old fossil fuel system alive for the times when the intermittent renewable power just isn’t there, so we end up with two systems. And they earnestly told us renewables would be cheaper — because the sun and wind are free! What idiots. Who benefits?