Fears taxpayers exposed under Bowen’s new green scheme

afr.com:

Industry and renewable energy proponents have backed the Albanese government’s expanded Capacity Investment Scheme to help Australia reach the 82 per cent renewable energy target by 2030, but questions remain on how the scheme will work and the financial exposure for taxpayers.

Energy Minister Chris Bowen’s plan to underwrite 32 gigawatts of new renewable energy and storage projects was broadly welcomed, but Coalition energy spokesman Ted O’Brien described it as a “blank cheque for renewables” given the government won’t release the total cost.

Big batteries, such as AGL Energy’s Torrens Island battery, will help replace coal and gas in the grid. 

“Instead of learning lessons from its failures, Labor is doubling down and it will be everyday Australians that have to pay the bill,” Mr O’Brien said.

“And how much will it cost? Labor refuses to say. In other words, it’s a blank cheque.”

Mr Bowen said it was common practice not to release pricing in “contract for difference” auctions, saying the Labor government was prepared for scaremongering by Opposition leader Peter Dutton and his team over its plans to double the renewable energy capacity in Australia.

“The Coalition will run a scare campaign no matter what we do,” Mr Bowen told Sky News on Thursday.

The move to use the Capacity Investment Scheme as the main driver of the 2030 renewable energy goals will effectively sideline the Renewable Energy Target, which was due to expire at the end of the decade, as well as shield consumers from higher costs on their power bills.

The 32 GW includes 9 GW of dispatchable generation – to help the grid when the sun is not shining and the wind is not blowing – as well as 23 GW of new renewable projects.

But the specific exclusion of gas