National Energy Guarantee a Failure for Australia

National Energy Guarantee a Failure for Australia

Australia’s proposed National Energy Guarantee falls short of delivering much needed saving for the Australian’s. The plan is simply additional paperwork, a legal framework and structure that is bound to create additional costs for Australian Consumers.

All subsidies on Renewable Energy must end immediately, the penalties on coal must be removed, Energy is a critical resource over-taxed Australians are being held to ransom with excessive electrical costs.

For example, the Victorian Government increased coal royalties by 300% and oversaw the closure of the Hazelwood power station.

South Australia’s Playford and Northern Power stations were both closed in 2016. South Australia’s disastrous 50% renewable energy target experiment has led to blackouts.

The Government has to limit the trickery at the energy companies and make the relationship between the consumer and the energy company a simple process set in legislation, not a guideline that simply changes the nature of how consumers are tricked.

Stop the billions flowing to the Australian Renewable Energy Agency (ARENA) and shut the program down. If renewable energy works it has to work in competition to the alternatives alone and not funded by taxpayers. If taxpayers are to fund these projects the energy produced should be free.

Cap the price at which energy can be sold to remove price gauging and put an end to the ridiculous fees charged to consumers.

Allow more companies to enter the energy markets. Encourage investment in clean coal projects.

While the Australians footed the bill and Canberra talked:

Origin Energy EBITDA increased by 21 per cent to $1.8 Billion while Australians suffered.

Frank Calabria MD, CEO & Executive Director, Origin Energy Limited banked A$3,695,278 last year at the direct expense of Australians.

This how that electricity bill of yours gets spent

Frank Calabria Annual Compensation*

Salary A$1,471,005
Bonus A$1,007,250
Total Annual Compensation A$2,478,255

Stock Options*

Long Term Incentive Plan A$891,943
All Other Compensation A$325,080
Unexercisable Options 1,096,046
Total Number of Options 1,096,046

Total Compensation*

Total Annual Cash Compensation A$2,803,335
Total Short Term Compensation A$2,478,255
Other Long Term Compensation A$325,080
Total Calculated Compensation A$3,695,278

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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