When Elon Musk dramatically promised to build a grid-scale battery in South Australia, the media was enthralled. Share traders and a string of Australian fund managers smirked. They’d seen it all before, and were shorting him in the market.
In that very week he was in the market with plans to raise $US1.15 billion in equity and convertible notes. I understand also that Tesla has gone strangely quiet about SA since then. Continue reading Climate clippings 201
Malcolm Turnbull has now, for reasons best known to himself, elevated “energy crisis” to a “national security” issue. Ben Potter puts the situation well:
A decade of fighting over renewable energy, carbon prices and fossil fuels has left Australia with some of the world’s dirtiest and costliest energy – a bitter yield from historical abundance.
Three years ago, manufacturers began complaining they couldn’t get gas, and 18 months ago the South Australian grid started to wobble.
Now, electricity and gas prices across the eastern states are two to three times their levels only a couple of years ago.
Gas exporters overcommitted to foreign buyers; the federal government mismanaged renewable energy and the regulatory apparatus – and politicians responsible for it – are frozen in the headlights.
Continue reading Solutions to the energy crisis