BUSINESS Power prices still a worry

BLUESCOPE Steel has flagged continuing concern over power prices and reliability following the failure of the Federal Government’s national energy guarantee.

“We were disappointed that the Australian Federal Government chose not to proceed with the planned National Energy Guarantee,” BlueScope managing director Mark Vassella ( pictured) told the steelmaker’s annual general meeting in Sydney yesterday.

“We thought this policy had real potential to deliver less volatile electricity prices and BlueScope Steel’s concern over energy plan failure greater reliability of supply, in emissions from the steel inShorten said this week that while also cutting emissions.” dustry, and does not contribute Labor would revive the policy

Mr Vassella said rising gas to carbon leakage, in which if elected next year. and power prices, and supply steel production shifts to other Mr Vassella said BlueScope issues, would hamper the comjurisdictions with no environwas heartened that governpetitiveness of BlueScope’s mental benefit.” ment was still seeking to imAustralian manufacturing. The national energy guarprove reliability.

“The company’s objective is antee was formulated this Mr Vassella also said domto seek policy that ensures enyear but abandoned amid opestic sales volumes remained ergy supplies are reliable, afposition from conservative robust driven by strength in fordable and contribute to MPs shortly before Malcolm non- residential and residenmeeting Australia’s Paris comTurnbull was ousted as tial construction, with the latmitments,” Mr Vassella said. Prime Minister by his own ter focused on alterations and

“We also seek policy that party. additions, and new detached encourages global reductions Opposition homes. Leader Bill