24 February 2021
Many of Australia’s coal-fired generators are facing unplanned and early retirements as revenues fall to unsustainable levels, according to a new analysis that finds a surge in wind and solar investment is pushing coal out of the electricity market.
The findings have been detailed in a joint analysis completed by the Institute for Energy Economics and Financial Analysis (IEEFA) and Green Energy Markets, which found that revenues for coal-fired generators could fall by as much as two-thirds by 2025.
The analysis found that the amount of new wind and solar investment entering the Australian energy market could exceed many recent projections, and a lack of flexibility on the part of ageing coal generators could see them retired sooner than anticipated.
Up to five of Australia’s remaining 16 coal power plants could be financially unviable by 2025 due to a flood of cheap solar and wind energy entering the electricity grid, a new report suggests. An analysis by two groups – the consultants Green Energy Markets and the Institute for Energy Economics and Financial Analysis (Ieefa) – found previous estimates had understated the amount of renewable energy likely to enter the national electricity.
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Hyoung Chang/The Denver Post
According to Jessica Matlock, CEO of La Plata Electric Association, the cooperative s board is talking to Tri-State Generation and Transmission about producing more of its power locally in part as an economic development opportunity. Two other co-ops, the Delta-Montrose Electric Association and the Kit Carson Electric Cooperative in Taos, N.M. have reached agreements to break their contracts.
A little over a year ago, Tri-State Generation and Transmission Association released a blueprint for its energy future that was hailed by it and others as transformative. The Colorado-based wholesale power provider, long criticized for reliance on coal, said it would significantly expand its use of renewable energy and slash greenhouse-gas emissions.
Published: Friday, February 19, 2021
BlackRock CEO Larry Fink. Photo credit: Kris Tripplaar/Sipa USA/Newscom
BlackRock Inc. CEO Larry Fink. The financial firm this week outlined its plan to encourage more climate action from the companies in which it invests. Kris Tripplaar/Sipa USA/Newscom
Correction appended.
Wealth leviathan BlackRock Inc. gave teeth to its climate commitments this week when it pledged to leverage its shareholder power to punish companies that fail to take climate change seriously.
That promise sends a message to the heaviest greenhouse gas emitters: Set targets to cut carbon or risk retribution from the world s largest asset manager.