Electricity bills could surge by as much as $1,600 for some businesses under Labor's green energy plans
- Energy bills could increase by as much as $1600 under plans by Labor
- Report claims ALP's emission reduction targets will increase electricity prices
- The report also claims the Liberal Party's energy plan would drive down prices
Electricity bills could increase by as much as $1600 for some businesses under Labor's green energy plans.
Labor plans to hit an emissions reduction target could mean that prices will rise by as much as 35 per cent.
This means some small businesses would be paying an extra $1600 every year, according to a report released by the Menzies Research Centre.
Electricity bills could increase by as much as $1600 for some businesses under Labor's green energy plans
The report was jointly released on Friday by the Liberal-aligned think tank and the Page Research Centre using data from economic research firm BAEconomics.
The modelling in the document claims the 45 per cent emissions reduction target aimed for by Labor would result in small to medium sized businesses being hit with the $1600 in extra power costs by 2030, according the The Australian.
The report also claims under the Liberal National's lower emissions reduction target of 26 to 28 per cent, in line with Australia's Paris Agreement targets, there could be a reduction in power prices of up to $2000 a year.
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'Under Labor's policy, the retail price will increase by up to 35 per cent in some markets. Under the Coalition's policy, retail prices will significantly decline by up to 42 per cent,' the report says.
For households, the report claims that Labor's policy would result in a yearly increase of about $560 to power bills and about the same amount in savings under the LNP's policy.
The modelling in the document claims that the 45 per cent emissions reduction target aimed for by Labor would result in small to medium sized businesses being hit with the $1600 in extra power costs by 2030
