Business gives energy plan pass mark but governance concerns remain

Bigger concerns stem from what the government is doing with the electricity market

"South Australian business and residents can not afford a repeat of the energy issues experienced over the past eight months", it said.

The growing divide between state and federal governments over energy security is worsening angst among Australian companies over rising energy bills.

Labor energy spokesman Mark Butler said it was a "genuine crisis" requiring national leadership.

Two Australian states are ramping up energy storage to address rising electricity costs and rolling blackouts, according to media reports.

However, the Property Council is less convinced, raising a warning about the flow-on impact of the big Government spend on other infrastructure projects. But what I'm seeking to do is to ensure we have action from the gas companies.

But the chief regulator for the downstream gas industry here, Steve Bielby, said New Zealand was not in a position to help its Tasman neighbour.

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Weatherill's pledge to take control of state's energy future and prevent more summer blackouts. That will be more heavily shaped by decisions in other States and at the national level.

The meeting called on state and territory governments to revisit the restrictions on gas exploration and development, the Turnbull government said.

Prime Minister are you willing to work the Opposition Leader on this?

"The reason why Victorian electricity pours across the border on the interconnector is because it is cheaper than electricity generated in South Australia", Marshall said. "If we can figure out a technique to bottle that, we could easily power the city for months!"

News that the federal government's green bank is now also on board to help finance the project follows a heated exchange on Thursday morning between South Australian premier Jay Weatherill and federal energy minister Josh Frydenberg.

The battery will be the first project to be financed by South Australia's new AUD-150-million Renewable Technology Fund.

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"We are facing an energy crisis because of this restriction on gas", Turnbull said at a recent AFR Business Summit in Sydney.

The company revealed that its New South Wales operations faced a 20% to 25% increase in gas prices and 50% in electricity costs within the next 12 months and said uncertainty in supply and expected increases impacted worldwide competitiveness and curtailed Australian expansion.

Further reforms to improve the gas market will be urgently considered.

While environmental and renewable energy groups have welcomed the increased funding for renewable energy.

To build a $360m state-owned 250MW gas-fired power plant to provide emergency back-up power and system stability services for South Australians.

When asked whether the agreements today would make any difference to prices for large industrial gas users in Australia, Mr Turnbull said it would depend on the amount of gas available.

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Victoria, meanwhile, is looking at a range of energy storage solutions, including batteries, pumped hydro storage and solar thermal technology.


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