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Real Power to the People
Well, did you know Australia has the most expensive electricity in the world? If you separate renewable energy powerhouses Germany and Denmark from the European Union we come in third place. Congratulations Australia.
What’s more interesting is that your utility bill is about to surge. Australia’s grid is old and needs a heck of a lot of spending to get up to date. More than $100 billion will be needed to provide for Australia’s power needs over the next 20 years, according to a report from the Australian Energy Market Operator. That cost is going to be passed on to you (unless you follow the advice in The Money for Life Letter).
But here’s the bit that Daily Reckoning investors need to know about. Europe’s Energy Commissioner Antonio Tajani reckons the European Union is in for an ‘industrial massacre‘ because of its high power prices. Companies are balking at their power bills and heading overseas.
If Europe is struggling with its power prices, can you imagine where Australia is going to land when our bills continue to rise from already outrageous levels?
Read the rest of this article at The Daily Reckoning
