Jeff Dimery, chief executive of Alinta Energy, has revealed that based on current projections, retail electricity prices could increase by 35 percent over the next 12 months.
Addressing the Australian Financial Review (AFR)'s Energy and Climate summit, Dimery said Australia was "out of time" to implement policies to support investment in renewable energy capacity to replace outgoing coal-fired power plants.
"When we run our modeling for energy pricing next year, using the current market prices, tariffs are going up a minimum of 35 percent," he was quoted by AFR on Tuesday.
Dimery voiced concerns about the amount of development needed to guarantee the supply of electricity as Australia transitions away from fossil fuels.
In the lead-up to May's general election, Climate Change and Energy Minister Chris Bowen promised electricity prices would fall by 2025 under a Labor Party government.
In a speech to the summit, he reaffirmed that commitment.
"We remain of the view that renewables are the cheapest form of energy by a country mile as Australian Energy Market Operator says, and getting more renewables in the system will mean lower power prices," he said.
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