Labor’s New Energy Price Cap Will Drive Prices up and Alienate Investors, Opposition Leader Warns

Australian Opposition Leader Peter Dutton has warned the federal Labor government’s plan to impose a cap on gas and coal price will only exacerbate energy prices and push away investors, contrary to what the centre-left government has promised.
As the parliament is recalled to vote on the bill on Dec. 15, Labor’s energy relief plan has gained support from the left-wing Australian Greens, moving the plan one step closer to passing the parliament.
The plan agreed upon by state and territory leaders on Dec. 9 will see gas capped at $12 a gigajoule and coal at $125 a tonne (US$8.15), and coal at $125 a tonne (US$84.85) for 12 months. Prices above the cap will be subject to enforcement action….