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In late 2021, Labor released its Powering Australia Plan, which promised to cut NEM wholesale electricity costs by $11 per MWh from $62 to $51 by 2025.
Labor claimed that its Powering Australia Plan would save Australians $275 on their residential power bills.
This week, The Australian reported that the cost of generating electricity across Australia’s grid soared by more than 80% over the final three months of 2024.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.