Big investors have slammed the Morrison government’s “big stick” approach to the electricity sector, saying any move to force companies to cut prices will have a major impact on profits, future investment and result in less competition in the long term. Continue reading Big investors slam ‘big stick’ approach→
“The more the government do things, the more private investors hold back. The more private investors hold back, the more there is a need for government to do things,” he told The Australian Financial Review.
“You get in a position where, looking out several years, the market as we know it disintegrates. When that happens you need very, very deep pockets to fill the gap.”
That was the headline in the dead tree version of the AFR. Bill Ferris is the outgoing Science and Innovation Australia chair. He says he didn’t find the Coalition government’s rewriting of the ACCC report to support coal-fired power a helpful signal, but:
what I am seeing – and you see it in the US as well – is that business and state governments are getting on with alternative energy sources, mainly renewables and storage,” said Mr Ferris, a veteran venture capitalist.
Scott Morrison put in a fine effort to stop the votes that would have retained Wentworth for the Liberals. And he succeeded. Now he seems intent on stopping the $200 billion worth of investment that will be needed to transform the electricity sector.
Some time in the last few days I heard a person who should know better say that 1800 coal-fired power plants were being built around the world. One wonders where this (dis)information comes from. It went unchallenged by the ABC interviewer, showing once again that ABC journalists and presenters need an update on climate change – in the national interest.
Kane Thornton CEO of the Clean Energy Council says NEG car is worth buying, even if tyres need pumping up, the flat tyre to him being the 26% emissions reduction target, which will be met by work under way before the NEG starts. If you want to use that analogy, the NEG is like a car without an engine, because it does no work.
The development of Adani’s Carmichael mine has always been sold as a job-creating venture. In fact it will be a highly automated mine, creating jobs mostly in the cities. A new report has found that the development of Carmichael and the subsequent development of the Galilee basin will cost about 12,500 jobs in existing coal mining regions and replace only two in three workers. Continue reading Adani will cost jobs→