Saturday 11 November 2017

New coal-fired power is not 'bankable'

Extract from The Morning Bulletin

Mathew Bing says coal-fired power stations are a good idea for Adani, but not for the people of Queensland.
Mathew Bing says coal-fired power stations are a good idea for Adani, but not for the people of Queensland. David Davies
FOR the past two weeks, George Christensen has placed two-page ads in regional newspapers in support of a new coal-fired power station in Central Queensland. No doubt this will continue until after the state election, as LNP's Tim Nicholls and ONP's Pauline Hanson also think it is a good idea.
It's a good idea for Adani, but it's not a good idea for the people of Queensland.
There is no such thing as "clean coal”. In fact, Queensland already has four of the very sexy "ultra super critical” coal-fired power stations, (Callide C, Tarong North, Millmerran, Kogan Creek) and these are only a marginal 9.5% more efficient than other coal- fired power stations, and cost between 20 and 40 per cent more to build.
Right now, private enterprise will not invest in these super duper stations as they are unbankable, especially when compared to renewables. A new coal- fired power station can only be built using Queensland taxpayers' money.
Right now, renewable energy costs $60 to $70 per KWH while new coal fired power price is $75 per KWH.
The coal-fired power plant will take seven to 10 years to build, will cost more and take longer than a renewable plant. In seven to 10 years, rapidly developing renewable energy technology will make the cost difference even greater, and we might even have a carbon tax by then for the sake of our future.
So in spite of George Christensen's reassurance, if Queenslanders want to reduce power costs, they will not support a new coal- fired power plant.
This thought bubble is just another taxpayer subsidy for Adani, the only beneficiary of this scheme.
Mathew Bing

Greens Candidate for Burdekin

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