Australian Government killed emissions scheme despite knowing it could shave $15 billion off electricity bills
The Australian government is copping a huge amount of flack about its lack of energy policy this week, having first flip flopped (at the behest of the fundamentalist wing of the party) on suggestions that it might consider reintroducing carbon pricing in response to calls from energy industry participants and now having been found to have killed an emissions trading scheme that would have reduced power costs - Government killed emissions scheme despite knowing it could shave $15 billion off electricity bills.
State governments are now talking about introducing their own carbon pricing schemes (see the link for a good summary of carbon pricing schemes around the world) to make up for the policy chaos in Canberra which is stifling investment in energy.
The Turnbull government has been sitting on advice that an emissions intensity scheme - the carbon policy it put on the table only to rule out just 36 hours later - would save households and businesses up to $15 billion in electricity bills over a decade.
While Malcolm Turnbull has rejected this sort of scheme by claiming it would push up prices, analysis in an Australian Electricity Market Commission report handed to the government months ago finds it would actually cost consumers far less than other approaches, including doing nothing.