Snooze and You Lose: The Coming Energy Crisis

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As a firm believer of the AFL’s West Coast Eagles, Seven Group’s CEO eagerly yearns for an uplifting resurgence and is apprehensive regarding energy policy.

Ryan Stokes is a hopeful individual. He believes that the fixation on interest rates in Australia is exaggerated, and this negative sentiment looming over eight consecutive rate hikes since May has overshadowed the strength of our economy overall. Despite his optimism, he remains concerned about the long-term repercussions of the Federal government’s decisions regarding energy policy initiatives.

“We are yet to see the real impact of energy policy on households and businesses,” he says. “It’s clear that if no decisive action is taken, there will be a significant increase in energy prices – although this won’t be reflected immediately.”

He continues by saying, “It would be irresponsible as a nation if we continued to take our foot off the pedal when it comes to investing in renewable energy sources, and we need to make a case for strong government policy on energy security.”

But it is essential to envisage the future. “As a nation, we are preoccupied with numbers and percentages,” he adds. “The economy is showing immense underlying strength and resilience”.

Stokes is becoming ever more alarmed about Australia’s energy policy. “We are treading dangerously close to an energy crisis if we do not take swift action.”.

It is essential to utilise gas as a transition fuel while steadily transitioning to renewable energy sources. Additionally, it would be illogical and irresponsible to retire coal-fired power stations before we have an entirely reliable replacement system.

“This is a critical issue of national security.” He’s cautioned against using price caps, sharing his belief that they would harm the market.

Stokes believes the gas industry has been less vocal in advocating its role over the last couple of years. “The sector has failed to be proactive enough in spotlighting its value”.

Seven Group manages WesTrac, furnishing Caterpillar-branded heavy equipment and trucks for mining use, holds 72.6% of Boral Corporation, 39% stakes in Seven West Media (owner of Channel 7), and 30% ownership of publicly traded oil and gas entity Beach Energy.

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