Proof Australia’s energy transition will drive up power prices

Friday 7 February 2025

Labor launched its Powering Australia Plan in late 2021, promising to reduce National Energy Market (NEM) wholesale power rates by $11 per MWh, from $62 to $51, by 2025.

Labor boasted that its Powering Australia Plan would save Australians $275 on their residential electricity bills by 2025 and $379 by 2030.

The Australian revealed that the cost of generating electricity across Australia’s grid increased by more than 80% in 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.