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senate vote 2022-10-26#4
Edited by
mackay staff
on
2022-10-28 10:11:09
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Title
Regulations and Determinations — Industry Research and Development (Underwriting New Generation Investments Program) Instrument 2021; Disallowance- Regulations and Determinations - Industry Research and Development (Underwriting New Generation Investments Program) Instrument 2021 - Disallowance
Description
<p class="speaker">Larissa Waters</p><p>I move:</p>-
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?id=2022-10-26.139.2):
- > *That the [Industry Research and Development (Underwriting New Generation Investments Program) Instrument 2021](https://www.legislation.gov.au/Details/F2021L01708), made under the Industry Research and Development Act 1986, be disallowed.*
- In other words, they voted in favour of stopping the Instrument from having legal force.
- ### What did this instrument do?
- According to the [explanatory memorandum](https://www.legislation.gov.au/Details/F2021L01708/Explanatory%20Statement/Text):
- > *The purpose of the Industry Research and Development (Underwriting New Generation Investments Program) Instrument 2021 (the Legislative Instrument) is to prescribe the Underwriting New Generation Investments Program (the Program). The purpose of the Program is, by supporting new investments in dispatchable electricity generation projects, to:*
- >
- >> *(a) reduce wholesale electricity prices by increasing competition and supply; and*
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- >> *(b) assist commercial and industrial customers and smaller retailers to access affordable energy supply arrangements; and*
- >>
- >> *(c) improve the reliability of the system by increasing the level of firm capacity.*
- >
- > *[...]*
- >
- > *The Program will focus on 10 of the 12 projects shortlisted in March 2019 as a result of the registration of interest process conducted during December 2018 and January 2019. Sixty-six submissions were received as part of that process and were assessed against the eligibility criteria proposed in the Registrations of Interest Guidance Document. Twelve projects were shortlisted as a result of that process, including 6 renewable pumped hydro projects, 5 gas projects and 1 coal upgrade project. The coal upgrade project is no longer being considered for support. The proponent of one renewable pumped hydro project has withdrawn the project from consideration.*
<p class="italic">That the Industry Research and Development (Underwriting New Generation Investments Program) Instrument 2021, made under the Industry Research and Development Act 1986, be disallowed.</p> <p class="speaker">Jonathon Duniam</p><p>I seek leave to make a short statement.</p> <p class="speaker">Sue Lines</p><p>Leave is granted for one minute.</p> <p class="speaker">Jonathon Duniam</p><p>Australian households are hurting, with high energy bills and rising interest rates. Electricity and gas prices will rise by something like 50 per cent in 2023. The Australian Energy Regulator has warned that energy prices will remain high for years, driven by generator closures and a looming shortfall in gas supply, and Labor has already broken its $275 lower energy bill election promise. It does not have a plan for new, reliable 24/7 energy generation.</p><p>The Underwriting New Generation Investments Program is essential to keep delivering the dispatchable energy generation Australia requires to keep the lights on and the pressure on prices.</p> <p class="speaker">Sue Lines</p><p>The question is that business of the Senate No. 1 standing in the name of Senator Waters be agreed to.</p><p></p> -
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