The energy superidiot is destroying NSW.
The future of a major NSW coal power station, Vales Point, faces fresh uncertainty after efforts to rush through a rule change on guaranteed financing were opposed by a rival coal operator, AGL Energy.
The operator of Vales Point, Delta Electricity, in October said its current bank guarantee is due to expire at the end of 2024, and its current financier – believed to be Macquarie – told it last year that due to its updated environmental, social and governance policies, it would not be extending a financing facility.
…ESG guidelines inhibit investments in coal despite the fact that the fuel continues to be the largest source of electricity in Australia.
The Australian Energy Markets Commission quickly proposed a rule change that if unopposed would have been expedited into law by the end of the year.
In a dissension, AGL Energy said it believed the rule change would be consequential and the country’s energy rules allow for sufficient flexibility that even if Delta was unable to secure a new guarantor, it would most likely not be suspended. As a result, AGL said, a more thorough process should be implemented.
By the letter of the law, Delta would face market suspension but sources familiar with the situation said authorities were desperately seeking mitigation measures as NSW needed all the electricity capacity on hand at present.
This has nothing to do with coal power.
It was always the idea to close ’em.
What went wrong was that the East Coast gas cartel rose to dominate gas reserves, pricing out gas peakers as the coal replacement to back up renewables.
Now, without gas, the energy superidiot is desperately subsidising coal to transition away from…coal. The Onion would be proud.
We’ve seen it with Eraring in NSW and the La Trobe valley in VIC.
More coal interests are joining every day. As each inadequate surge capacity crisis rolls into the next, dying coal interests game the system for their share of the public flesh.
Vampire squid merchant banks are sniffing out the public bloodletting to feast as well.
It’s going to get much, much worse unless domestic reservation or export levies are applied to the East Coast gas export cartel.
