Make no mistake, even though this doesn’t fund renewable projects, this is just another renewables subsidy.
The Prime Ministers office has announced $1 Billion boost for power reliability which translates as a billion dollars spent on emergency measures we wouldn’t need if we hadn’t spent billions recklessly and artificially on a transition we didn’t need to have.
Ten years ago Australia didn’t need to spend a single dollar, or 20% of its generation, on any batteries, pumped storage, or “grid stabilizers”. And it didn’t need extra interconnectors. For decades the FCAS was largely free, thanks to giant turbines from coal plants. If we wanted grid unreliability back then, we’d probably have had to pay for it.
The Liberal National Government will establish a $1 billion Grid Reliability Fund to support Government investment in new energy generation, storage and transmission infrastructure, including eligible projects shortlisted under the Underwriting New Generation Investments (UNGI) program.
This is a government fund to support governments “investing” in energy generation?
The new $1 billion fund will be administered by the Clean Energy Finance Corporation (CEFC), drawing on the energy and financial markets expertise that has seen the CEFC invest more than $7 […]
October 30, 2019 at 06:38AM