Wednesday 29 June 2022 08:39 AM Energy Minister Chris Bowen dumps Labor's promise to reduce power bills by $275 trends now
Labor has already dumped its election promise to reduce power bills by $275 a year by 2025 - after just six weeks in power.
Energy Minister Chris Bowen admitted the modelling which produced that figure is already out of date and can't be relied upon.
He blamed recently revealed delays to the Snowy 2.0 hydro-electric dam in NSW and power price increases of up to 18.3 per cent on the east coast.
In all eastern states the benchmark electricity price set by the government, known as the default market offer, will increase on July 1.
Asked if he still stands by Labor's $275 figure, which was modelled by private firm RepuTex and revealed in December, Mr Bowen said: 'Of course figures will move around.
'Since the modelling was done we've seen Snowy 2.0 running late, we've seen the default market offer going up.'
The modelling also predicted bills would come down by $378 by 2030 as the government invested in more renewable energy which is cheaper than power produced by burning fossil fuels.
During the election campaign Mr Albanese said his climate change policies would save families $275 a year.
In a speech the National Press Club just three days before he was elected, the Prime Minister said: 'Making Australia a renewable energy superpower is the fastest way to cut pollution and the most effective way to act on climate change.
Energy Minister Chris Bowen (pictured) admitted the modelling which produced that figure is already out of date and can't be relied upon
'But it is also the best way to cut power bills for families and businesses – saving families $275 a year.'
The Coalition rejected the figure, insisting power prices would actually go up by $560 a year under Labor's policies.
Despite ditching the $275 promise after just six weeks in power, Mr Bowen said Labor will be able to get prices down with renewables as Labor attempts to reduce Australia's
