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Tim Buckley told Utility Magazine “the leaked recommendation to extend Eraring’s life ignores the dual cost of living and climate crises smashing the people of New South Wales. The hyperinflation of fossil energy is driving these, handing windfall profits to multinationals as taxpayers and our environment wear the costs. Only an accelerated transition to cheap, deflationary firmed renewables will solve these twin crises.” Read more

Director of think tank Climate Energy Finance and author of The Lights will Stay On report on the Eraring closure, Tim Buckley, said that there are leaked reports that the NSW Electricity Supply and Reliability Review will recommend taxpayer subsidies to extend the life of Eraring coal power station beyond its expected closure date. Mr Buckley said that this would be a massive retrograde step, when the exact opposite is needed – implementation of an accelerated transition to firmed renewables. Read more

Tim Buckley from Climate Energy Finance says using taxpayer subsidies to extend the life of Eraring would be “a massive retrograde step,” when what is needed is the exact opposite – an accelerated transition to firmed renewables. Read more

Tim Buckley told Sky NewsDay that the Australia’s biggest coal power station, Eraring in NSW, can and should close on time in 2025, and the NSW government should not prop up its operator with $200-400m pa in public subsidies when this money should be invested in the energy transition, slashing power bills and addressing the climate crisis. Read more

“Leaked reports today that the NSW Electricity Supply and Reliability Review will recommend taxpayer subsidies to extend the life of Eraring coal power station beyond its closure date phased over 2025 would be a massive retrograde step when the exact opposite is needed – implementation of an accelerated transition to firmed renewables, Mr Buckley, who wrote the The Lights will Stay On report, said. Read more

It comes as clean energy investors and the former NSW energy minister Matt Kean blasted the proposal to keep Eraring open beyond 2025. Simon Corbell, the chief executive of the Clean Energy Investor Group, said delaying the closure of Eraring would create “significant downside risk for investors”. “This could result in less investment in new clean energy projects in NSW and will blow out our emissions target and budget. Australia cannot afford to have that at this time,” he said. Read more

Energy groups such as Climate Energy Finance, a think tank that advocates for a speedier transition to renewables, are critical of the proposal. A report by CEF in July estimated that keeping Eraring open at only half of its capacity would require the NSW government to pay Origin between $200 million and $400 million a year in subsidies. Read more

Eraring is Australia’s largest greenhouse gas emitter, releasing more than 12 million tonnes of CO2 equivalent into the atmosphere each year. Tim Buckley, director of think tank Climate Energy Finance, says keeping the plant running would be a “massive retrograde step”. Read more

Environmental activists point out that paying hundreds of millions of dollars a year to keep Eraring open is not needed, and that two reports – including “The Lights Will Stay On” by the Climate Energy Finance and “Earing can be closed on schedule” by Nexa Advisory – outline why and how Eraring should close on time. Read more

Clean energy investors said delaying the closure of the generator could crimp new investment in new clean energy projects and blow out Australia’s emissions target and budget. “Australia cannot afford to have that at this time,” said Simon Corbell, chief executive of the Clean Energy Investor Group, representing investors with about 11 gigawatts of installed renewables capacity. Read more

Tim Buckley said: “Application approvals of new zero-emissions replacement capacity in FY2023 trebled to 7 gigawatts (GW) vs the previous two years, but we are still not seeing grid transmission and planning access bottlenecks removed. There is a record 30GW of new renewable energy capacity now in the connection pipeline, but just 3GW was completed in FY2023. We need to see the rate of completions double to replace end-of-life coal power station capacity inevitably and predictably coming offline.” Read more

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