Opposition agrees that energy target will increase energy prices

Renewable energy target puts prices up 16000646 800468929 0 0 6000941 300

Tony Abbott has stated that he will not drop his support from the renewable energy target (RET) despite admitting to reporters that it will attribute to a rise in power prices.

Energy companies may choose to pass on compliance costs to consumers, resulting in a jump in electricity and gas prices.

Abbott told reporters today (September 29): "I accept that a renewable energy target is one of the factors of the current power system which is causing prices to go up.

"But we have no plans to change the renewable energy target."

Abbot has encouraged debate amongst his political adversaries, with many state politicians saying that the RET is the cause of around half the recent price hikes from utilities companies.

The renewable energy target aims to transition Australia towards 20 per cent reliance on clean energy technology for power generation.

Consumers have seen a number of price hikes in recent months, with the cost of living increases causing many to switch suppliers if they can find a cheaper rate.

A switching service can canvas available options and identify more competitive prices, allowing them to save on quarterly energy expenditure.

Posted by Callum Fleming