Media

AEMO reports the June quarter wholesale electricity prices are down 59 per cent year-on-year. That is a major relief after 18 months of unprecedented fossil fuel hyperinflation,” Tim Buckley said. Read more

As Tim Buckley says, AEMO’s report shows electricity prices are down as fossil fuel hyperinflation driven by war profiteering of coal and gas producers moderates and renewables start to come online. Wholesale electricity in the June quarter have dropped 59% in the June quarter year on year. Read more

Hunter communities undergoing unprecedented social and economic upheaval due to the clean energy transition would be the main beneficiaries of a progressive coal royalty system, Tim Buckley argued. The NSW government is investigating increasing mining royalties as part of an effort to boost the state’s bottom line when the temporary cap on coal prices implemented to curb soaring electricity prices expires. This could involve the introduction of progressive royalties, which would require coal companies to pay more as the coal price increases. Read more

CEF’s report into NSW’s energy transition last week recommended the state use social housing and other government-owned buildings to build a steady pipeline of solar-panel “power plants”. Report author Tim Buckley said solar could replace half of the capacity lost when NSW coal-fired power stations Eraring and Vales Point retire in 2025 and 2029 respectively. “It requires next to no grid upgrades, so no cost-of-living pressure, and it can be done really bloody quickly.” Read more

A new Productivity Commission report misses the mark by arguing against public capital investment in cleantech. As Tim Buckley writes, At this inflection point, Australia can ill-afford an approach to industry policy that will further hollow out our manufacturing sector and consign us to the zero value-add, dig-and-ship mentality of yesterday’s fossil-fuel dominated mining behemoth. We must seize the once-in-a-century opportunity to leverage our natural advantages and position ourselves as a value-adding clean industry and export superpower. And as other economies have recognised, this requires government investment. Read more

At the beginning of June, the Toxic Bonds initiative collected evidence that confirms that funding into Adani Green Energy is being redirected, through collateralisation and related party transactions, to other Adani Group entities directly responsible for coal expansion projects. “Any so-called green investment in Adani Green directly supports the wider Adani Group to be the world’s largest private coal mine and coal power plant developer,” says Tim Buckley. Read more

Tim Buckley, director of think tank Climate Energy Finance, said the lack of funding for communities in the REZ had divided people. “We just have to make sure that the communities most affected get some ongoing benefit to ameliorate some of that anxiety and spread the love around,” he said. Read more

Tim Buckley says there are more than enough renewables investment proposals in the pipeline to offset coal closure and deliver lower prices, but we need the NSW government to expedite approvals processes and support the scaling of rooftop solar to bring capacity online. Read more

As the coal lobby argues for Eraring’s life to be extended beyond 2025, Tim Buckley said: keeping Eraring open longer than planned would cost taxpayers between $200 million and $400 million a year in subsidies. He argued the money would be better spent on speeding up the development of renewable energy capacity needed to replace fossil fuels. Read more

Tim Buckley: “There is more than enough new capacity in the pipeline to replace closing coal power stations. It’s a question of whether the NSW bureaucracy is going to actually approve it. We have seen a little bit of a lull in new investment decisions. And that’s really coming back to regulatory inertia. The energy minister must place pressure on the bureaucracy to approve renewables faster. We’ve seen batteries have been built in just 12 months once they get to final investment decision.” Read more

Tim Buckley on ABC TV 7pm News responds to the AER’s Wholesale Markets Quarterly Report, noting that there is more than enough renewables capacity in the pipeline to offset coal power closures – it is a matter of whether the NSW bureaucracy is going to approve it in a timely way. Read more

The fossil fuel lobby and certain parts of the media are agitating for an extension of Eraring coal power station beyond 2025 under the pretext that closure must be pushed back to ensure supply and “keep the lights on.” This is a massive furphy and a bad idea. Delay would put power affordability, reliability and security at risk. It would undermine both the NSW government’s climate policy, and the federal government’s 82% by 2030 renewable energy target and its legislated 43% emissions reduction target. Our new report outlines how closure can happen on time – the project pipeline and investment capital are ready and able! Read more