Daniel Mercer at the Australian Broadcasting Company reports that the newest coal-fired power plant in the country, the 10-year-old, nearly $1 bn. USD Bluewater facility, has been written off as worthless by its investors. Southwestern Australia has so much cheap solar energy that the coal plant’s prospects cratered, especially once it faced some supply problems. Mercer reports that financial analysts are predicting that there is going to be a lot of this sort of thing. In fact, if any of you has coal stocks in your retirement portfolio, I’d drop them like a hot potato.Solar just made Banks write off a Solar just made Banks write off a $1 bn. Australian Coal Plant as Worthless; What’s in Your Retirement Portfolio? bn. Australian Coal Plant as Worthless; What’s in Your Retirement Portfolio?
Brookfield’s make-up artists are hard at work. They’ve taken “coal” out of the title, hired every broker in town to flog the thing and, in the most telling move, are rushing to get the deal done before the end of the year. Michael West reports on the ASX float of Dalrymple Infrastructure, which looks set to siphon off Aussie cash to an offshore haven, with yield-hungry retirees paying the price.Coal Deal in Distress: desperate Dalrymple’s dodgy debt dump – Michael West
The Coalition will continue to devote taxpayer dollars to deny the science until they are voted out, or until climate change finally wins.Angus Taylor’s coal and gas roadmap to nowhere
Is Barilaro, Berejiklian or Morrison to blame for the annihilation of Australia’s favourite furry marsupial, the cuddly koala? And why is there such a kerfuffle over recent legislation changes affecting koalas?
The future energy market can serve consumers well without big government subsidies despite the unprecedented disruption in the shift to renewables, said Energy Security Board (ESB) chair Dr Kerry Schott. The ESB is proposing a range of market reforms in a new study released for consultation on Monday.Coal’s rapid decline won’t cripple future energy grid: COAG study
The Coalition Government favours fossil fuels at the expense of renewables, but Australia needs to get off coal to save both lives and money, writes Professor John Quiggin.Every day, coal is killing us
Scapegoating China for the loss of coal contracts (ODT)
We have to prepare for this shift and our policymakers need to stop misleading coalmining communities on the outlook
China can finish what the LNP alpha apes started and they can do it without bullying.(ODT)
Marles refused even to offer a position on the inherent desirability of new coal-fired power stations, leaving Anthony Albanese to clean it up the next day by saying “I don’t think there’s a place for coal-fired power plants in Australia, full stop”. Now we learn of a group of some 20 pro-coal Labor MPs (including nine frontbenchers), calling themselves the OTIS group, meeting in secret without Albanese and with the aim of bringing Labor to a more coal-friendly position.
Whether this is merely an informal gathering or a more concerted lobbying attempt, it underscores Labor’s limitations on climate politics. This is a fifth of the party who probably see far greater political peril for Labor in distancing itself from coal than in making peace with it.
Coal-fired generation in the EU declined by a quarter, helped by a drop in gas prices and higher carbon costs under the EU’s emission trading system.
Super giants funnel billions into fossil fuels, vote down climate push
So, politically, what exactly has this summer changed? The Coalition is still split on the issue, meaning that a serious climate policy is not an option because it will tear the government apart from within. Meanwhile, it’s unclear precisely where the current policy vacuum will hurt them electorally.
And Labor seems to agree enough with that assessment to continue to be spooked by the damage it sustained last year in coal-mining seats. It’s worth monitoring how this evolves from here, because right now, the signs are that this is the summer that changed everything in politics, except what really counts.
Definition of Cognitive Dissonance
To put that into perspective below are a few companies to contrast the total number of jobs created:
Thermal coal industry 29,000
But that isn’t what the Coalition is doing. Rather than offering a “Bush New Deal” to ensure its prosperity as it struggles to adapt to climate change and the drought, the Morrison Government is ensuring that Adani mine goes ahead, with a relative handful of jobs used as a justification.
While LNP policy uncertainty is ensuring investment in the renewable’s boom is down by 56% in Australia and coal subsidies and promotion are up the tide of the free market is running in the opposite direction. The LNP is openly conducting a market manipulation scam the equivalent of an insider trading rort. If Scotty from marketing were the CEO it’s time he got the sack and /or was charged. (ODT)
BlackRock, the world’s biggest fund, is quitting thermal coal. The move by the $10 trillion fund has stunned financial markets. Climate change and coal: while the people protest in the streets, progressive analysts such as IEEFA’s Buckley protest to global finance bosses. Tim Buckley, who had lobbied hard for the BlackRock exit, reports on the revolution in big money.
Let’s call it pollution, unprecedented CO2 pollution which has been increasing at an unprecedented rate and the warming of the planet. Like smoking causes cancer the statistical evidence and correlations are in. Australia has seen and is experiencing the effects of that warming with 9 of 10 record-breaking years this century and a fire season like no other predicted last century and scoffed at. The most significant voice heard in recent times was PM Tony Abbott declaring the science of global warming was “crap”. It cost him his seat of Warringah. Yet the LNP have still been treating the current unprecedented fires accordingly. To Morrison, Craig Kelly, Taylor and others it still is a purely “natural event” with policies in place capable of addressing it. and still claiming we will reach our global emission obligations in a “canter”. “It’s Time isn’t it?” as we are today the worlds biggest polluter with a leadership ethically and morally in total denial. (ODT)
LNP burns it’s CO2 emissions in a week and promotes for more (ODT)
London: Renewable energy has overtaken fossil fuels to become Britain’s largest source of electricity in a historic shift that could signal the “beginning of the end” for coal across Europe.
National Grid data released on New Year’s Day revealed coal represented just 2.1 per cent of Britain’s overall electricity output in 2019.
By comparison, black and brown coal fuelled 74 per cent of Australia’s energy mix in 2018.
UN chief Antonio Guterres told Asia it is “lagging behind” and said the rollback of coal could help curb rising global temperatures
Australia is the world’s biggest coal exporter
According to the Minerals Council of Australia, most of Australia’s coal production is sold overseas, and mainly to Asia
China might be using more coal but it’s making the greatest efforts not to. Leaving Australia out in the coal (ODT)
But his hard-line stance during negotiations angered some Pacific leaders, including Fijian Prime Minister Frank Bainimarama.
He said Australia’s position had weakened the Pacific’s position on the climate change, adding it was “disappointing that we could not achieve a unanimous consensus”.
“While there has been a great deal of agreement, it is clear that there are differences of opinion, emphasis and approach between the island nations and New Zealand, on the one hand, and Australia on the other,” he said.
Mr Bainimarama said he would make attempts to persuade Australia to make a more rapid transition from coal to energy sources that “do not contribute to climate change” when he visits next month.
TRUMP SAVING COAL. STRAIGHT OUT OF THE TRUMP BUSINESS HANDBOOK (ODT)
Blackjewel files for chapter 11 in a move critics say is increasingly used to avoid paying workers what they are owed
IN CASE THERE WAS any doubt about the ties that bind Australia’s top coal lobbyists with the Federal Coalition Government, former Minerals Council of Australia CEO Brendan Pearson has been tapped as a senior advisor to Scott Morrison.
The appointment, revealed in The Australian on Wednesday, shifts Pearson up in the Coalition pecking order from the office of the Minister for Finance, Mathias Cormann, to Morrison’s inner sanctum.
What do you do when the polls are against you and you don’t have a climate change policy? Start a fake internal war over coal, that’s what.
THE MEDIA suggests the Coalition is at war with itself over coal.
Germany heads to a bright clean future (ODT)
Germany bid farewell to coal as it closed its last mine Friday, thereby closing a chapter in the history of German industry. Coal was the main engine of growth for the German economy but became obsolete in recent past.
A service was held to commemorate the end of an era when seven miners climbed through the service lift of the Prosper-Haniel mine for the last time with the final block of “black-gold” which they presented to German President Frank-Walter Steinmeier.
Coal mining was a crucial part of German industry since the mid-19th century. Post-World War II, “black gold” was essential in the German economic recovery.
More than 600,000 miners were working in mines during the 1950s. But by 2017, the number of miners decreased to 4,500.
“It’s more than a block of coal, it’s a part of history. Without the coal and without those who extracted it, the History of this country would have been very different,” Steinmeier said during the ceremony of 500 guests, including European Commission President Jean-Claude Juncker.
“The coal allowed the industrialization of the region and prosperity throughout Germany,” said government spokeswoman Ulrike Demmer, quoting German Chancellor Angela Merkel.
The 150-year-old mines dug by six generations of workers will be sealed and then gradually drowned in water.
I cannot believe we are still talking about coal
“It’s the biggest peer-review exercise there is,” says Jonathan Lynn, head of communications for the United Nations’ Intergovernmental Panel on Climate Change. “It involves hundreds or even thousands of people looking at it.”
It must not only tell governments what we know about climate change – but how close they have brought us to the edge. And by implication, how much those governments are failing to live up to their goals for the planet, set in the 2015 Paris climate agreement.
Why do Politicians ignore the experts and try to con the public? ( ODT)
But while there is evidence from market analysts and analysis from the government’s energy bodies that renewables has led the price drop because of a big increase in supply contracted into the market courtesy of the renewable energy target, Taylor attributed the recent reductions to the government’s intervention in the gas market, and regulatory reforms, including forcing retailers to be more transparent about their pricing.
While coal proponents in the Coalition declare new coal investment means lower prices, the Australian Energy Market Commission has predicted prices will fall over the next two years because of the entry of 5,300 MW of new generation capacity into the national electricity market – most of it renewable projects.
In March 2018, the Australian Energy Market Operator (AEMO) sent Energy Minister Josh Frydenberg their assessment of whether AGL’s plan would meet our future energy needs.
AEMO’s analysis shows that an additional 850 MWs of resource capability are required to ensure reliability in NSW following the closure of Liddell. If all three stages of the AGL plan are completed, the resource gap will be eliminated.
In its current state, Liddell is more likely to be the cause of a power emergency because of what AEMO describes as the potential for ageing coal generators to fail in the heat – during the 2016-17 summer heatwave, Liddell was missing 1,000MW of its capacity due to problems with boiler tube leaks.
ISIS wants to take over Islam The Monash Forum Monkey Pod Room want to take over the Liberal Party. What they have in common is the lack of guts to stand alone. They are fundamentally destroyers.
The coal-worshipping Monash Forum is a rearguard guerrilla action against the incumbent Prime Minister, Malcolm Turnbull, is putting the coal back into “Coal-ition”, writes Dr Binoy Kampmark.
One Liberal moderate bluntly characterises the “Monash Forum”, which burst into the energy debate this week, as “the deplorables trying to give themselves a credible front”.
Whatever else it might be, the so-called forum is Tony Abbott’s latest weapon in baiting the Turnbull bear.