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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

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

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

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