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NSW raises coal royalties, adding $2.7b to future budget
PV Magazine
While the usual suspects, including the National Party, railed against the move, it has been welcomed by many in the clean energy industries, including think tank Climate Energy Finance (CEF). Its Director, Tim Buckley, said: “CEF prefers the Queensland government’s progressive royalty approach, which only applies in full less than once a decade or or even more infrequently, at times of coal export sector superprofits, but an increased share in NSW to guarantee a fairer return to public coffers is definitely a good start.”
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Government says coal royalty increase will ensure a ‘fair return’
The Newcastle Herald
The director of the public interest think tank Climate Energy Finance, Tim Buckley, described the move as “politically courageous”. The think tank had been advocating for the introduction of a progressive coal royalty scheme, similar to what has been introduced in Queensland.
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NSW follows Queensland lead by hiking coal royalties for first time in 15 years
InQLD
Climate Energy Finance founder Tim Buckley said the northern state ran the preferred model, which delivered major windfalls at times of high prices while easing pressure on producers when prices were low. “(We have) long been calling for a progressive NSW coal royalty scheme to generate revenues for alleviation of cost-of-living pressures and energy poverty in the state, following the leadership of Queensland,” he said.
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NSW Government in talks to extend life of Eraring coal plant
Power Technology
The New South Wales (NSW) State Government has entered talks with Origin Energy to discuss extending the life of Australia’s largest coal-fired power station. The move comes after the nation’s grid operator flagged concerns of energy shortfalls over the next ten years as it retires 62% of its coal power fleet. Tim Buckley, director at the think tank Climate Energy Finance, was critical of the proposals for the Eraring plant stating: “The idea that a 50-year-old plant can just be extended without serious risk of catastrophic failure is ridiculous.”
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About time: NSW hailed for finally hiking coal royalties to raise $2.7bn
Renew Economy
Climate Energy Finance director Tim Buckley prefers Queensland’s progressive approach over the flat NSW tax as it allows the government to participate in periods of super profits. “But an increased share in NSW to guarantee a fairer return to public coffers is definitely a good start,” he said. “The previous flat 6-8 per cent coal export royalty rate in NSW was long overdue for review and uplift. “It is imperative that the revenue generated is not used to subsidise the continued operation of coal power in the state, including the end-of-life Eraring coal power station due for closure in 2025, but applied to reduce cost of living pressures and support essential services, as per the government’s commitments made today.”
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Billions to bolster NSW budget with coal tax hike
AAP
Climate Energy Finance founder Tim Buckley said the northern state ran the preferred model, which delivered major windfalls at times of high prices while easing pressure on producers when prices were low. “(We have) long been calling for a progressive NSW coal royalty scheme to generate revenues for alleviation of cost-of-living pressures and energy poverty in the state, following the leadership of Queensland,” he said.
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