World News – AU – NSW Energy Minster Takes Extraordinary Blow On « Coal Barons »

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Posted: 00:10 GMT, Jan.. November 2020 | Updated: 00:45 GMT, Jan.. November 2020

New South Wales Secretary of Energy Matt Kean threw a blow at the « coal barons » on Sunday after passing new laws to combat climate change – although coal still provides most of the state’s power.

Mr Kean boasted that his plan to encourage $ 32 billion in private investment in renewable energy projects by 2030 was a slap in the face of interest groups. ‘

In a tweet on Sunday morning he wrote: “These powerful interests – the big energy money, the coal barons who have decided on energy policy in this country for generations – now have to face political framework conditions that favor the community and not their own interests. ‘

The New South Wales Secretary of Energy Matt Kean struck a blow against the « coal barons » on Sunday. Pictured: miners drive home after work

The liberal energy minister suggested that coal power has no future, saying coal tycoons complaining about his plan are like « blockbuster complaining about Netflix ». .

Just 24 hours earlier, coal was providing 80 percent of the state’s electricity as residents fired up their air conditioners to handle the stifling 40C temperatures, the Daily Telegraph reported.

Mr Kean’s comments met with criticism from opponents who said his new laws, backed by Labor and the Greens, could drive electricity prices up.

The NSW One Nation leader told Daily Mail Australia that the energy bill passed on Friday for key renewable energy players isn’t a huge blow to stakeholders.

« It is certainly a guaranteed income for renewable energy companies and their lobbyists that is paid for by the electricity consumers, » he said.

The state government wants wind, pump water and solar projects to replace four coal-fired power plants that are to be shut down in the next 15 years.

Mr Kean’s comments met with criticism from opponents who said his new laws, backed by Labor and the Greens, could drive electricity prices up. Pictured: Newcastle Coal Terminal

The state government wants wind, pump water and solar projects to replace four coal-fired power plants that are to be shut down in the next 15 years

Mr Kean says the plan, which will create renewable energy zones in Dubbo and the Southwest, will cut household bills by $ 130 per year between 2023 and 2040 and small business bills by $ 430 per year.

The plan will support 12 gigawatts of renewable energy and two gigawatts of storage such as pumped water and cut CO2 emissions by 90 million tons by 2030.

By 2026, more than 10. 000 construction and ongoing jobs created, with an estimated 2,800 ongoing jobs in 2030, the government said.

Coal power accounted for 77 percent of NSW’s total electricity generation in 2019 – more than the national average of 56 percent – but four of the five state plants will be shut down by 2035.

The Australian Energy Council warned that government intervention could result in too many power plants being built in places where they may not be needed.

Tony Wood, energy director at the Grattan Institute, said the plan is taking the risk away from investors and moving it to consumers who may have to pay bigger bills.

Under the plan, the government will offer a minimum electricity price to companies building renewable projects under a long-term energy service contract.

The government consumer trustee will then sell the energy to retailers and corporations, with any shortcomings offset by forced « contributions » from traders who would raise their prices to consumers.

The government says these payments will only be triggered when consumers are already benefiting from low energy prices – and they would be repaid once prices rise and renewable projects start making money again.

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New South Wales, Renewable Energies, Matt Kean, Coal

World News – AU – NSW Energy Minster Takes Extraordinary Blow On ‘Coal Barons’
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