The nation’s largest renewables project has won environmental approvals from the Albanese government, with the NT development, backed by tech billionaire Mike Cannon-Brookes, set to produce enough power for three million homes.
Prices will rise in Australia’s electricity grid as big coal power stations are shut down and the rollout of renewable and storage capacity slow with NSW the most exposed.
A $50m bailout, funded by banks and retailers, will prop up the nation’s biggest cash distributor for a year.
The nation is facing a deepening energy crisis on two fronts, with Victoria’s main gas storage plant set to run out by the end of winter as wind farm output slumps to a five-year low.
Up to 1000 jobs are at risk with billionaire Chris Ellison’s Mineral Resources to stop shipments from its Yilgarn iron ore hub by the end of this year.
Major energy players have warned that not enough gas projects are being built to avoid supply shortages, with Energy Minister Chris Bowen ruling out subsidies for the sector.
Business leaders have criticised the Coalition’s rollout of an uncosted plan to develop a major nuclear industry, airing significant potential hurdles to the power station plan.
The ban on offshore petroleum exploration will be lifted amid fears of energy security challenges from falling production.
The $10bn deal to buy Australia’s biggest renewable energy giant Neoen kills off any lingering interest from Brookfield in previous takeover targets Origin Energy and AGL.
Electricity users face a heightened risk of blackouts during peak demand in NSW and Victoria, with the energy market operator forced to bid for emergency supplies.
Original URL: https://www.theaustralian.com.au/author/perry-williams/page/3