The Problem with facts.

One Nation has a simple story about electricity. Use more coal and gas, stop subsidising wind and solar, and power will become cheaper. It is a tidy argument, delivered with the confidence of a man explaining how to fix a fence he has not looked at. The difficulty is that Queensland's recent electricity data has refused to cooperate.

During 2025, renewable generation in Queensland climbed above one-third of supply. Coal and gas generation fell to their lowest levels in decades. Electricity emissions dropped to levels not seen since around the turn of the century. Wholesale power prices fell sharply, reaching their lowest point since 2020. The grid did not collapse. The lights remained stubbornly on.

One Nation has raised concerns about foreign-owned wind and solar projects collecting subsidies and sending profits overseas. This is a reasonable thing to worry about. It would be more reasonable still if the same concern extended to foreign ownership of coal mines, gas fields, ports and pipelines. It tends not to.

The more interesting contradiction lies elsewhere. Renewable energy is routinely described as an economic disaster by politicians who appear perfectly happy to invest in it privately. Apparently the turbines are a menace when viewed from a podium but considerably more attractive when viewed from a portfolio statement.

Energy systems are complicated. Transmission lines still need building. Batteries still cost money. Weather still does what weather does. Queensland's recent experience does not settle every argument.

But it does suggest something inconvenient. More renewable generation has coincided with lower emissions and lower wholesale prices. Critics insist this proves nothing. Investors, meanwhile, continue investing.

Out on the land, we usually judge a system by what it produces. The dam either fills or it doesn't. The crop either grows or it doesn't.

Politicians continue debating whether renewable power has a future. Investors appear to be operating on the assumption that it already has one.

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The views expressed are those of the correspondent. Factual claims draw on publicly available sources.