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Energy Policy in Australia - Economics for Business

   

Added on  2020-03-07

8 Pages1410 Words58 Views
Running head: ECONOMIC ASSIGNMENTEnergy Policy in AustraliaName of the StudentName of the UniversityAuthor note
Energy Policy in Australia - Economics for Business_1
1ECONOMIC ASSIGNMENTTable of ContentsIntroduction................................................................................................................................2Essence of the story....................................................................................................................2Economic theories......................................................................................................................3Recommendation........................................................................................................................5Conclusion..................................................................................................................................5References..................................................................................................................................7
Energy Policy in Australia - Economics for Business_2
2ECONOMIC ASSIGNMENTIntroduction The energy policy framework in Australia involves considerable fiscal policyinfluence. The energy policy of federal government is designed to give extensive support tosource of energies such as natural gas, coal mining, and fossil fuels. Australian energy sectorhas paramount importance in earning of foreign exchange through its contribution to export.Revenue of the government is largely subjected to earnings from this vital sector. Despitegiving priority to this sector, some factor causes a disrupted electricity supply and highenergy. Therefore, stability in the energy sector needs a proper long-term policy design.Malcolm Turnbull, Prime minister of Australia concerns with blackout recorded in the lastyear and announces future energy policy.Essence of the story In the article published on ‘The Australian’, Prime minister gives assurance to for astable energy supply in the state. Daily life in Australia are disturbed with high electricityprice and still getting irregular service. One reason of high price is the shortage in powersupply. Many of the power plants in Australia had closed in the last few years reducing thepower supply. The subsidized plants take advantage of the situation and raise the price. Stillthey are unable to meet the power demand. All these cumulatively result in inefficiency in theenergy market. Hence, Turnbull criticizes government interventionist policy of givingsubsidy to power plants in certain regions (Theaustralian.com.au. 2017) In the new policy framework, government officials are directed to make a detailedanalysis of the energy in Australia. The analysis includes existing supply sources as well newsources, the prices prevailing in the market and information regarding the power productiontechnology. Based on these information short run measures will be taken in line with the
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