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The group, which represents major institutional investors in Australia and New Zealand, has Mortgage brokers Oak Laurel West End, 0430 129 662, 249 Boundary St, West End QLD 4101 used its submission to the Finkel review to argue that the governments oft-repeated concerns about network reliability, energy affordability and emissions reductions will be addressed if concrete steps are taken to unlock new investment. It warns that policy and regulatory uncertainty is now the key barrier to investment in Australias electricity sector across all energy sources and technology types. The advocacy comes as the Climate Council will on Wednesday release a new report arguing that the heat Australia experienced this past summer demonstrated the energy grid was unable to cope with escalating extreme weather. Climate change is worsening the impacts from heatwaves and hot weather and is putting a strain on critical infrastructure, the new report says. This summer alone has shown the vulnerability of the electricity grid to heatwaves, with power outages during peak times in South Australia during a severe February heatwave, while New South Wales narrowly avoided widespread outages several days later. The report notes that in just 90 days, more than 205 records were broken around Australia this summer, with the state-wide mean temperature the hottest for NSW since records began, with temperatures 2.57C above average, and Brisbane and Canberra recording their hottest summers on record. The report argues that the only viable approach to slowing and eventually halting the increasing trend of heat-related extreme weather is to rapidly increase the uptake of renewable energy and to phase out all forms of coal-fired power plants, as well as phasing out other fossil fuels. On Tuesday the National Farmers Federation reversed its once vociferous opposition to carbon pricing, using its submission to the Finkel review to call for a market-based mechanism to secure clean and affordable energy. The NFFs stance mirrors calls for consideration of a market mechanism from Energy Networks Australia , the retailer EnergyAustralia, the electricity provider AGL , the Climate Change Authority, the Business Council of Australia and the CSIRO. The energy and environment minister, Josh Frydenberg, initially signalled the government would look at the desirability of an emissions intensity trading scheme for the electricity sector as part of its scheduled review of its Direct Action climate policy but he reversed his position after key government conservatives voiced their objections.
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