26th Oct 2022, 3:43 PM – Senate Regulations and Determinations - Industry Research and Development (Underwriting New Generation Investments Program) Instrument 2021 - Disallowance

The majority voted in favour of a motion:

That the Industry Research and Development (Underwriting New Generation Investments Program) Instrument 2021, made under the Industry Research and Development Act 1986, be disallowed.

In other words, they voted in favour of stopping the Instrument from having legal force.

What did this instrument do?

According to the explanatory memorandum:

The purpose of the Industry Research and Development (Underwriting New Generation Investments Program) Instrument 2021 (the Legislative Instrument) is to prescribe the Underwriting New Generation Investments Program (the Program). The purpose of the Program is, by supporting new investments in dispatchable electricity generation projects, to:

(a) reduce wholesale electricity prices by increasing competition and supply; and

(b) assist commercial and industrial customers and smaller retailers to access affordable energy supply arrangements; and

(c) improve the reliability of the system by increasing the level of firm capacity.

[...]

The Program will focus on 10 of the 12 projects shortlisted in March 2019 as a result of the registration of interest process conducted during December 2018 and January 2019. Sixty-six submissions were received as part of that process and were assessed against the eligibility criteria proposed in the Registrations of Interest Guidance Document. Twelve projects were shortlisted as a result of that process, including 6 renewable pumped hydro projects, 5 gas projects and 1 coal upgrade project. The coal upgrade project is no longer being considered for support. The proponent of one renewable pumped hydro project has withdrawn the project from consideration.