An analyst has warned that the push for net zero with existing renewables technologies by 2050 will break the energy market and lead to a stark increase in Australia’s energy price within a decade.
It comes as Australia, and the world, continues to struggle with an energy crisis amid supply issues plaguing much of the country’s east coast in June, causing the national operator to suspend the electricity market for more than a week.
Institute of Public Affairs research fellow Kevin You on July 17 said the recent incidents of market failures “are not accidents” but are “all designed features of net zero by 2050,” which he said is “casting a dark cloud” over the fossil fuel industry….