Coal
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Fixed income asset managers continue to fund fossil fuels
Capital Monitor
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.
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Tim Buckley tells Sky News the closure of Eraring coal power station can happen on time in 2025
Sky News
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.
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‘Excessive’ power costs for consumers questioned as wholesale prices tumble
ABC online
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.
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Liddell power station closure contributed to higher energy prices, regulator says
ABC online
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.”
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AER Energy Report – Price Impact
ABC TV
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.
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OP ED | Australia’s biggest coal plant can close in 2025 and lights won’t go out. Here’s how
Renew Economy
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!
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Lights Will Stay On energy report releases
The Guardian
The Lights Will Stay On report released today warns delays to closing Eraring – Australia’s largest coal-fired power station – and the smaller Vales Point would cost the bank and risk the nation’s emissions reduction target, AAP reports. Analysis by Climate Energy Finance’s director, Tim Buckley, finds NSW can close the power stations as planned with slight incentives for solar and wind investment.
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AFR: NSW urged to invest $400m cost of prolonging Eraring in clean energy
The Australian Financial Review
The NSW government is being urged to save the estimated $200 million to $400 million annual cost of keeping the state’s largest coal-fired power station open and invest the money in accelerating its clean energy rollout instead. A new report by Tim Buckley of Climate Energy Finance rejects mounting calls by energy customers for Origin Energy’s 2880 megawatt Eraring power station to be kept open beyond its scheduled 2025 closure date.
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Eraring Power Station can close by 2025 but renewables supply must be boosted, CEF report says, as Minns government weighs up electricity sector transition
The Newcastle Herald
Eraring Power Station can close on time in 2025 if the NSW government takes steps to accelerate renewable energy projects, a report says. The report, to be released on Tuesday by Climate Energy Finance (CEF) think tank, said there was “no case to delay the planned closure of Eraring”.
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Emissions danger if NSW delays coal shutdown: report
Canberra Times
NSW can safely close Australia’s largest coal-fired power station in 2025, secure supply and reduce power bills with a speedier rollout of renewables, analysis shows.
The Lights Will Stay On report released on Tuesday warns delays to the closure of Eraring and the smaller Vales Point would cost the bank and risk the nation’s emissions reduction target.
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OP ED | Critical minerals strategy needs to dig a little deeper
Canberra Times
With the world racing ahead with huge subsidies attracting massive capital inflows, the $500m commitment in the new federal Critical Minerals Strategy released this week is a drop in the ocean, and fails to take advantage of Australia’s unique position in the energy transition as a potential critical minerals value-adding superpower.
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OP ED | Missed opportunity: Critical minerals strategy falls drastically short on funding
Renew Economy
Australia has the potential to secure its position as a world leader in value-added critical minerals supply that underpins the energy transition. However, while the new Australian Critical Minerals Strategy 2023-2030 released by the federal government this week rightly foregrounds leveraging international supply and value chain partnerships, the new funding of $500m to NAIF fails to invest in Australia’s minerals boom at a scale commensurate with the opportunity – and is an inadequate response to the capital investments of our partners and competitors in the global decarbonisation race, such as the US IRA.
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