Secret state government deals are being cut with coal plants as renewables smash the profitability of fossil fuels.
The government’s response to the review will be released by the end of the month but NSW Premier Chris MinnsNSW and Victoria have set ambitious emissions reduction goals and are banking on the rapid phase-out of fossil fuels to achieve the bulk of their climate targets.
In NSW, Origin Energy plans to bring forward the retirement of Eraring – Australia’s largest coal-fired power station – by seven years to as early as August 2025.“This [government deals] is about taking out insurance, and if you want to take out insurance, it costs you money,” Grattan Institute climate change and energy program director Tony Wood said.Why can’t coal pay its own way?
It’s possible the deals supplement the profits of EnergyAustralia and AGL to keep the coal plants running, ensuring a certain volume of power is sent into the grid right up until their closure dates.
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