13 December 2017, Renew Economy, AGL says batteries are coming, but coal is uninvestable. AGL says no private investor would invest in new coal plant, but says battery storage is coming and will be major game changer as costs fall – which may not be far away. Several days after formally rejecting federal government requests that it invest hundreds of millions of dollars to keep the ageing and increasingly decrepit Liddell coal generator open, AGL held an “investor day” where it said no private money would support a new coal generator. “We do not believe that any private capital will invest in new coal plants,” CEO Andrew Vesey told the assembled analysts. “Someone may say they want to, but that does not mean they will.” AGL over the weekend unveiled plans to replace Liddell, which include 653MW of wind farms, currently under construction, 300MW of new solar farms, a 250MW gas peaking plant, and small amounts of demand management. AGL over the weekend unveiled plans to replace Liddell, which include 653MW of wind farms, currently under construction, 300MW of new solar farms, a 250MW gas peaking plant, and small amounts of demand management. The later stages of the scheme – depending on what else happens in the market, and the make-up of energy policy – could see another 650MW of wind and solar, 250MW of battery storage, or pumped hydro, and possibly more gas peaking plants and more demand management. The AGL plan made it clear to the government that the cheapest way to provide reliability, and reduce emissions, was to shift from coal to renewables, something the Coalition is finding hard to accept. But Vesey’s comments were unequivocal, and appeared deliberately aimed at the lingering push from many in the conservative arena to build a new coal-fired generator. “The government may say it wants to … but it is becoming an increasingly risky proposition.” Read More here
Tag Archives: coal
7 December 2017, The Guardian, Is this the end of the road for Adani’s Australian megamine? Adani’s operations in Australia appear to be hanging on by a thread, as activists prove effective at undermining the company’s chances of getting the finance it needs. China seems to have ruled out funding for the mine, which means it’s not just Adani’s proposed Carmichael coalmine that is under threat, but also its existing Abbot Point coal terminal, which sits near Bowen, behind the Great Barrier Reef. The campaign against the mine has been long. Environmentalists first tried to use Australia’s environmental laws to block it from going ahead, and then failing that, focused on pressuring financial institutions, first here, and then around the world. The news that Beijing has left Adani out to dry comes as on-the-ground protests against construction of the mine pick up. Two Greens MPs, Jeremy Buckingham and Dawn Walker, have been arrested in Queensland for disrupting the company’s activities. Is China’s move the end of the road for Adani’s mega coalmine in Australia, and will the Adani Group be left with billions of dollars in stranded assets? Environmental laws fail to halt mine Despite the mine threatening to destroy some of the best remaining habitat of threatened species of birds and lizards, federal environmental laws proved unable to stop the mine in the face of a government that wanted it to go ahead. The initial federal approval for the mine was overturned after it was revealed the then-minister for the environment, Greg Hunt, had ignored his own department’s advice about the mine’s impact on two vulnerable species, the yakka skink and the ornamental snake. One by one, each of the big four Australian banks ruled out financing the mine But Australia’s environmental law leaves very little opportunity for challenging the merits of a minister’s decision – it only allows for challenges on whether those decisions considered everything required by the law. As a result, the minister needed only approve it again, after formally considering the impact on the two species. Another court challenge argued the approval was invalid because the emissions caused by the mine – which would be greater than those of New York City – were a threat to the Great Barrier Reef. Hunt argued in court, successfully, that there was no definite link between coal from Adani mine and climate change. It became apparent Australia’s environmental laws were unable to stop a project like this if the government of the day was determined to push it through. Read More here
6 December 2017, Environmental Justice Australia, ACCC asked to investigate Adani jobs claims. Adani’s claim that its Carmichael coal mine project will create 10,000 direct and indirect jobs has been referred to the national consumer protection agency, the Australian Competition and Consumer Commission (ACCC). Public interest legal practice Environmental Justice Australia has written to the ACCC, asking it to investigate misleading or deceptive conduct under the Australian Consumer Law. EJA’s clients, Chris McCoomb and the Australian Unemployed Workers Union (AUWU), are concerned Adani is misleading jobseekers by suggesting a jobs bonanza is on the way. “Adani has been telling jobseekers 10,000 jobs are on the way,” said Chris McCoomb, volunteer co-ordinator at the AUWU. “Unemployed people are spending their meagre savings on training courses for jobs that don’t exist now, and may never exist.” The letter to the ACCC provides evidence of mining training outfits relying on Adani’s claims to lure jobseekers into training courses. “Plenty of evidence suggests Adani’s representations about 10,000 direct and indirect jobs are seriously flawed, yet the company continues to mislead people looking for work,” said David Barnden, lawyer at Environmental Justice Australia. Read More here
29 November 2017, The Guardian, banks warned of ‘regulatory action’ as climate change bites global economy Australian Prudential Regulation Authority says it is quizzing companies about their actions to assess climate risks. Australia’s financial regulator has stepped-up its warning to banks, lenders and insurers, saying climate change is already impacting the global economy, and flagged the possibility of “regulatory action”. Geoff Summerhayes from the Australian Prudential Regulation Authority (Apra) revealed it had begun quizzing companies about their actions to assess climate risks, noting it would be demanding more in the future. Apra also revealed it has established an internal working group to assess the financial risk from climate change and was coordinating an interagency initiative with the corporate watchdog Asic, the Reserve Bank of Australia (RBA) and federal Treasury to examine what risks climate change was posing to Australia’s economy. In February, Summerhayes put banks, lenders and insurance companies on notice, urging them to start adapting to climate change and warning that the regulator would be “on the front foot on climate risk”. Now, in the first significant update to Apra’s thinking on the topic since that speech, Summerhayes said Apra’s view was that climate change and society’s response to it “are starting to affect the global economy”. In an extended version of a speech to the progressive Centre for Policy Development, and circulated to journalists ahead of its delivery, Summerhayes said a shift occurring in the global economy was increasingly being driven by commercial imperatives – investments, innovation and reputational factors – rather than what scientists or policymakers are saying or doing. Read More here