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Transcript of Today's Hearing Will Be Placed on the Committee's Website When It Becomes Available REPORT ON PROCEEDINGS BEFORE SELECT COMMITTEE ON ELECTRICITY SUPPLY, DEMAND AND PRICES IN NEW SOUTH WALES ELECTRICITY SUPPLY, DEMAND AND PRICES IN NEW SOUTH WALES At Macquarie Room, Parliament House, Sydney on Tuesday 8 May 2018 The Committee met at 9:30 am PRESENT The Hon. Paul Green (Chair) The Hon. Ben Franklin The Hon. John Graham The Hon. Taylor Martin The Hon. Adam Searle Tuesday, 8 May 2018 Legislative Council Page 1 The CHAIR: Welcome to the fourth hearing of the Select Committee inquiry into electricity supply, demand and prices. Before I commence, I acknowledge the Gadigal people, who are the traditional custodians of this land. I also pay respect to the elders past and present of the Eora nation and extend that respect to other Aboriginals either present or listening online. Today the Committee will hear evidence from the following industry groups and energy experts: Origin Energy, Energy Australia, Professor Thomas Maschmeyer from the University of Sydney, Professor Martin Green from the University of New South Wales, Meridian Energy and Powershop, Enova Energy, the Smart Energy Council, the Australian Wind Alliance, Neoen, the Energy and Water Ombudsman NSW, and the New South Wales Electricity Price Commissioner. Today's hearing is open to the public and is being broadcast live via the parliamentary website. A transcript of today's hearing will be placed on the Committee's website when it becomes available. In accordance with the broadcasting guidelines, while members of the media may film or record Committee members and witnesses, people in the public gallery should not be the primary focus of any filming or photography. I remind media representatives that you must take responsibility for what you publish about the Committee's proceedings. It is important to remember that parliamentary privilege does not apply to what witnesses may say outside of their evidence at the hearing. I urge witnesses to be very careful about any comments you make to the media or to others after you complete your evidence as such comments would not be protected by parliamentary privilege if another person decided to take an action for defamation. The guidelines for the broadcasting of proceedings are available from the secretariat. There may be some questions that a witness could only answer if they had more time or with certain documents to hand. In those circumstances witnesses are advised that they can take a question on notice and provide that answer within 21 days. Any messages to witnesses should be delivered through the secretariat staff. I remind Committee members and witnesses to speak into the microphones. Several seats have been reserved near the loud speakers for persons in the public gallery who have hearing difficulties. I encourage everyone to turn their mobile phones off or to silent. ELECTRICITY SUPPLY, DEMAND AND PRICES IN NEW SOUTH WALES COMMITTEE CORRECTED PROOF Tuesday, 8 May 2018 Legislative Council Page 2 TIM O'GRADY, General Manager, Public Policy and Government Engagement, Origin Energy, affirmed and examined JONATHAN BRISKIN, Executive General Manager, Retail, Origin Energy, affirmed and examined MARK COLLETTE, Energy Executive, Energy Australia, affirmed and examined SIMON DAVEY, Policy and Advocacy Manager, Energy Australia, affirmed and examined The CHAIR: Does anyone have an opening statement they would like to present? Mr BRISKIN: Thank you for the opportunity to appear before you this morning. Energy markets in Australia and around the world are undergoing unprecedented change as they grapple with the move to cleaner energy supplies whilst maintaining affordability and reliability for customers. In Australia this transition has not been a smooth one. Customers have been subject to reliability challenges and price rises. As Origin is acutely aware, vulnerable members of our communities are often the least able to cope with either of these. The main factor in electricity price increases over the past 10 years has been the higher regulated electricity network charges which make up around 50 per cent of an average customer's bill. Green schemes, retail cost and margin together make up 20 per cent of a customer's bill, but these represent more modest increases over the same period. The most recent impact on rising energy prices has been a spike in wholesale cost in 2017 across the eastern States. The closure at very short notice of Northern Power Station in May 2016 and Hazelwood Power Station in March 2017 took significant capacity out of the market and caused the wholesale electricity price to double. Origin took and continues to take action to minimise the impact of high wholesale prices on customers, particularly the more vulnerable members of our communities. At the last price reset in July 2017, despite the fact the wholesale prices had roughly doubled, we did not pass through the full increase in our customer's retail tariffs. We also froze prices for those in our financial hardship program and those that have subsequently entered into it. They did not pay the price rise. In addition, we ensured these customers were on our best guaranteed offer and could access other advice and assistance under our hardship program. We knew increased supply into the market was the critical action to cover the gap left by Hazelwood and put downward pressure on prices. We significantly increased output from the Eraring Power Station and are on track to increase generation output further this financial year. We have also been rapidly contracting low-cost renewable energy, recently committing 1,200 megawatts of wind and solar plants which will progressively come on line by 2020. This new low-cost renewable supply is also putting downward pressure on forward wholesale prices. At the same time we have been investing in our customers, making it easier for them to understand and control their energy use, access savings and engage with us. This includes a simple to use online price comparator that immediately tells customers what they could save with Origin. Through this alone we have helped hundreds of thousands of Australians access better deals on their energy. I am pleased to note that the forward curve for wholesale prices has already come down significantly from its peak earlier last year. The market response to boost supply is working and, as the wholesale price is one of the key drivers of household electricity bills, any reduction in the forward curve is likely over time to flow through to lower retail prices for customers. A final point I would like to make is that it is critical we agree a coordinated and integrated national energy and climate policy for Australia if we are to avoid similar supply and price shocks in the future. To that end we support the objectives of the National Energy Guarantee in integrating emissions reduction and reliability of energy supply and applaud the thorough consultative process undertaken by the Energy Security Board. We believe this policy can provide a framework in which companies like Origin can invest in future energy supply with certainty. There is more to do, and Origin will play our part. We encourage governments and all of industry to stay the course and deliver the National Energy Guarantee and other reforms recommended in the Finkel review so that we can get back to an energy system that provides affordable, reliable and cleaner energy to customers. Mr COLLETTE: Thank you for the invitation to appear before the inquiry. I have a short opening statement. A bit of brief context: Energy Australia is one of Australia's leading energy retailers. We are an experienced participant in Australia's national electricity market. We serve 2.6 million customer accounts with half here in New South Wales. Our energy portfolio has a mix of coal, gas, solar and wind energy representing about 5,000 megawatts of capacity, enough to power four million households per year. In New South Wales we operate the Mount Piper and Tallawarra power stations. In this State alone we have contracted the output of 600 ELECTRICITY SUPPLY, DEMAND AND PRICES IN NEW SOUTH WALES COMMITTEE CORRECTED PROOF Tuesday, 8 May 2018 Legislative Council Page 3 megawatts of large scale wind and solar projects. Every day we have around 10,000 dealings with our customers. We feel we can speak to what is important to them. Overwhelmingly, our customers want cleaner power, but they are just as clear that cleaner energy should not cost more. Power must be affordable. System reliability—the lights turning on every time the switch is flicked—is important but it is a basic expectation. We know these elements, reliability, affordable and cleaner power, as the trilemma. It is a challenge that cannot be solved by one part of the energy chain in isolation. It is a challenge we share, industry and Government are in this together. Industry's role is to make the billions of dollars of investment needed to create a modern cleaner energy system. Government's role is to provide durable policy and regulatory settings which encourage, or at least support, long-term investment. For too long uncertainty in climate and energy policy has challenged the structure of the electricity market and investment has suffered. We have a national interconnected electricity system spanning multiple State government jurisdictions from Cape York to Tasmania and Port Lincoln in the west. New South Wales is one part of a system that cannot be considered in geographic isolation. Changes in electricity supply, demand and price are influenced by factors outside of the State. I might start by making a couple of observations relating to the terms of reference: 2017 was extremely difficult for families and businesses. Cost of living pressures were felt acutely by those on low incomes.
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