Coal-fired power will be needed to keep the lights on for another couple of decades, said Mr St Baker, who is an investor in fast charging system provider Tritium, which listed in New York early this year, and Evie Networks, among other energy interests. When queried, the department told RenewEconomy that the funding set aside in the budget was considered to represent value for money. Michael Mazengarb is a Sydney-based reporter with RenewEconomy,writing on climate change, clean energy, electric vehicles and politics. The map below shows the location of the plant, near Mannering Park, New South Wales. Vales Point Power Plant is owned by Delta Electricity, but in September the company announced that the plant is being sold to Czech family investment group Sev.En Global Investments. Eraring and Vales Point power stations could be running multi-million dollar annual losses by 2025, the Institute for Energy Economics and Financial Analysis report found. This site uses "cookies" to give you the best experience on this website. The Vales Point coal power station was sold by the NSW government in 2015 for just $1 million. Energy analysts said the renewables-led collapse in average prices across the nations electricity grid was so severe that the 1480-megawatt facility supplying up to 22 per cent of the states power could close even sooner than expected. Records date back to 2011. Health at GoPetition. These are known as blue hydrogen. Australia might face electricity supply shortages - AEMO It has been announced that the ageing Vales Point coal-fired power station on the Central Coast, NSW is to be sold by the Australian Delta Energy to the Czech fossil fuel investment company Sev.en, owned by billionaire Pavel Tyka. . Leading Edge Energy is proud to be a signatory of the National Customer Code for Energy Brokers, Consultants and Retailers. Environment groups question whether ageing stations exemptions from some pollution standards are valid. As of 2021, the Vales Point Power Station emits more toxic nitrogen oxide pollutants than allowable under the NSW Protection of the Environment Operations (Clean Air) Regulation 2021 in order to continue to legally operate (or otherwise cease operating), the operator applied for an exemption under its licence 761,[8] which was granted on 15 December 2021 with a reduction variation and additional conditions imposed by the New South Wales Environment Protection Authority. Find them all here. The Lake Macquarie community and the Lake itself has long suffered as a result of pollution from the Vales Point power station. Vales Point 'A' Station was decommissioned in 1989. If the sale goes through, it will continue to pollute long past its slated 2029 closure date. Environmental Justice Australia solicitor Jocelyn McGarity said there were serious concerns the licence conditions were unlawful and that the plant should not be allowed to operate beyond 2029. Strict new operating limits for Vales Point Power Station from 1 January Kean confirmed exemptions granted to Delta during the purchase including a cap of $10m on rehabilitation likely to cost hundreds of millions of dollars would remain in place despite the sale. The deal comes amid an extended period of turbulence in baseload power generation in the National Electricity Market as cheap renewable energy flowing on to the grid makes it harder to operate baseload coal plants profitably, even amid surging prices for wholesale electricity. Vales Point Power Station February 17, 2022 Delta Energy's plans for Vales Point power station at Mannering Park will go unchanged despite the announcement by Origin Energy on February 17 that it will close Eraring - Australia's largest power station - seven years early. Access unlimited content, the digital versions of our print editions - Today's Paper, as well as the Newcastle Herald app. September 2022 Delta Electricity agreed to sell to Czech company, Sev.en Global Investments. Anger as public funds extend life of dirty Vales Point power station Eraring power station closure: NSW taxpayers could foot part of the Analysts identified particular economic risk for Vales Point coal power near Newcastle, the same region where NSW Energy Minister Matt Kean will today announce a $70 million fund to grow a green hydrogen industry, which he said would bring jobs and growth to the region. If you want to be updated with all the latest energy sector news, you can sign up for our newsletter or visit our blog section. Mr St Bakers announcement came as the Institute for Energy Economics and Financial Analysis (IEEFA) released a report on Monday showing Chinese finance is increasingly stepping in as the lender of last resort for coal plants, as other banks take active measures to restrict their funding. The sale will facilitate this growth as Sev.en has shown a commitment to the sector and an ambition to expand, both in Australia and globally.. Cockle Creek Power Station - Wikipedia The grant was to pay for upgrades to a turbine at the Vales Point power station, increasing its thermal efficiency, allowing an additional 30MW of output for the same amount of coal burnt. It is also harmful to the environment. In February, Prime Minister Scott Morrison promised Liberal party donor and part owner Trevor St Baker that an $11 million grant would be going his way to make upgrades. Custom Content. In 2021, the Vales Point Power Station emitted more toxic nitrogen oxide pollutants than allowable under the NSW Protection of the Environment Operations (Clean Air) Regulation 2021. These four units were known as 'A' Station, its capacity of 875 MW being the highest in New South Wales at the time. One uses gas and the other uses coal or gas, and for either to be a clean energy source they require carbon capture and storage to stop the emissions from the fossil fuels entering the atmosphere. Sign up to Guardian Australia's Morning Mail, Our Australian morning briefing email breaks down the key national and international stories of the day and why they matter. News and analysis for the clean energy economy. Vales Point was commissioned in 1978, and its two turbines generate 1,320 megawatts of electricity, accounting for 11 percent of NSWs energy. Owners of Vales Point power station turn down $8.7 million grant, blaming the Morrison government for taking too long to approve funds for turbine upgrades. However, the company also flagged that it remained open to shifting the closure date of the Vales Point power station, which was dependent on the prevailing conditions in the energy market. Were working to restore it. It has previously been reported that the EPA briefed the states environment minister, James Griffin, over concerns about the exemption, as well as seeking approval to pay a senior barrister for advice on the legality of the exemption. Energy Australia to close Yallourn power station early and build 350 The sale, which was handled by RBC Capital Markets, takes Mr St Baker out of coal power at a sizeable profit on paper. Mr St Baker said Evie Networks was moving into a capital-intensive phase with the rollout of 300 fast charging stations around Australia, while he was also involved in developing e-mobility in the Philippines. It is the second instance of the Morrison government failing to secure investment in new coal-fired generation infrastructure by offering insufficient funding support, following earlier revelations that the government had not provided sufficient grant funding to ensure proponents of a coal-fired power station in Queensland could complete a bankable feasibility study. The Nature Conservation Council of NSW said that, unlike previous exemptions, this one cannot be extended beyond October 2027. With this acquisition we will significantly strengthen our presence in Australia, said Sev.en chief executive Alan Svoboda. Given that the ongoing operation of the Vales Point power station remains subject to market forces, and noting the current forecast closure date of 2029 may come forward or be deferred on the strength of these market forces, the benefits arising from the remaining life of Vales Point power station and the proposed project have been diminished by the passage of time, Delta said. The black coal operators run at a much higher short-run marginal cost and so those nearing the end of their technical lives may be re-evaluating their closure dates, Mr Allen said. At home, the National Energy Resources Australia is offering $1.7 million in seed funding for hydrogen business to set up industry hubs, the Clean Energy Finance Corporation has a $300 million fund for hydrogen projects - including those powered by fossil fuels, and the Australian Renewable Energy Agency has $70 million available for green hydrogen projects. AGL Energy has also brought forward the closure of its 2220 MW Loy Yang A plant in Victoria to 2035. The Vales Point Power Plant is currently set for closure in 2029, but the EPA ruling delivered on 28 October 2022 could bring that date forward to 2025. It is one of the chief causes of yellow-brown smog. . The generation table uses eljmkt nemlog to obtain generation values for each year. We know that the emissions meet the National Environment Protection Measures for NOx, but weve got the environment groups position. Delta said it did not make financial sense to proceed with the upgrade with the smaller grant amount, given ongoing uncertainty in the energy market and the looming closure of the power station, currently slated for 2029. But Tom Allen, director of Australian energy and utilities research with UBS, said the markets focus would be on the long-term viability of black coal-fired generators in NSW, particularly amid the NSW governments plan to ramp up renewable energy investment, which will place prices under further pressure. Vales Point Power Station will have its limits on nitrogen oxides (NOx) emissions cut by up to 35% to meet new national air quality standards in the local community, and will have to adhere to strict new monitoring and reporting conditions from next year. Officials from the department told Senate Estimates in March that they were aware that Shine Energy was likely to fail to deliver a bankable feasibility study into a proposed Collinsville coal fired power station after an audit undertaken by the Australian National Audit Office found the $4 million in grant funding awarded to the company was not enough to ensure the study could be completed. The analysis found if power prices continued to decline, Yallourn, along with the Eraring, Mt Piper, Vales Point B and Gladstone black coal plants would be making a loss by 2025. (Delta Electricity have also flagged the possibility of the proposed plant being built on the the site of the nearby Liddell power station, which is slated for closure in 2022. Lake Macquarie - Department of Primary Industries In 2010, a carbon capture and storage (CCS) project at Delta Electricity's now mothballed Munmorah power station was set for expansion, after receiving US$28 million in funding. Granted in December last year, the exemption allows the operators to emit a higher level of nitrogen oxide than usually allowable under clean air regulations. Mr . St Baker said that financing the projects would not be sought from Australian banks but instead would rely solely on international lenders. However. To disable your cookies, please click on Settings. Sign up to The Sydney Morning Heralds newsletter here, The Ages here, Brisbane Times here, and WAtodays here. Were carefully considering it and its an important decision to make and well be making that public shortly, he said. Correspondence obtained by RenewEconomy through a freedom of information request shows that Delta Electricity cited ongoing policy uncertainty, questions about the long-term future of the plant and an inadequate funding offer from the Morrison government as reasons for cancelling proposed upgrades to Vales Point. NSW taxpayers might have to pay some remediation costs associated with the closure of Origin Energy's Eraring coal-fired power station when it shuts down in 2025. Its a two years exemption, then we can apply for another period of time. By 2050, green hydrogen has the potential to drive $350 billion in investment across Australia in current dollars and up to $26 billion per year in additional GDP, supporting the emergence of new decarbonised industries such as green steel and ammonia.. In December 2021, the value of the power station was written down to $156 million and in September 2022 Delta Electricity agreed to sell to Czech company, Sev.en Global Investments. Qld to close coal-fired power station a decade early Mr St Bakers proposal was also raised as the Federal Government approved the controversial Wallarah 2 underground coal mine north of Wyong, leading critics to warn the government could kiss goodbye to the Liberal-held Central Coast seat of Robertson because the community strongly opposes amine in the regions water catchment. Vales Point power station, also referred to as the Vales Point B power station, is a 1,320-megawatt (MW) coal-fired power plant in New South Wales, Australia. Coal plants list deadlines when their operating life is set to cease, but Dr Mountain said Victoria has secured a valuable guarantee that Yallourn will be available to produce until 2028, and if the company brings forward closure the state will receive compensation. This will benefit customers, employees and system security for all energyusers.. It has two steam turbines, with a total generating capacity of 1,320 MW (1,770,000 hp) of electricity. . The power station doesnt currently have a valid air pollution licence. The power station's end of technical life is set for 2029. Vales Point Power Station Submission Guide - Nature Conservation It is not what the community wants, because of climate change, and because of the environmental impacts of coal-fired power on our health. In our view, the risk of accelerating coal generation closures is increasing as the market makes room for the rapid addition of renewable generation.. It just staggers me that Australia is so far behind the rest of the world which is switching to renewables while were still talking about projects like this, Ms Wynn said. As outlined in the budget speech and subsequent announcement, the budget allocation has a funding cap of $8.7m, which is below that which Delta requested, leaving a substantially higher quantum of funding by Delta, Delta said in the letter. The Vales Point coal-fired power station near the shores of Lake Macquarie, in NSW.Credit:James Whelan. At the same time, embattled AGL Energy is struggling to determine its forward strategy and put in place a refreshed board after the collapse of a demerger plan and as its biggest shareholder, software billionaire Mike Cannon-Brookes, pushes for a faster exit from coal power to align with the goals of the Paris climate accord. 15% of Wyong and 11% of Gosford population suffer from 3 or more chronic health conditions including asthma, cardiovascular disease and diabetes, compared to 5% or less across Sydney. Recent state government announcements in Queensland and Victoria look to cut coal generation out of the energy mix as soon as possible. Follow us on LinkedIn, Facebook or Instagram. Vales Point uses salt water from Lake Macquarie for cooling. NSW power station given shorter deadline on emissions NSW EPA Chief Tony Chappel said the exemption, coupled with the requirement to cut emissions strikes the right balance between safeguarding environmental health and supporting NSWs need for reliable and affordable energy. Mannering Park Progress Association spokesperson Sue Wynn said a new coal-fired power station at Vales Point was the worst news Mannering Park and surrounding areas could possibly hear. The largest coal plant in the state AGLs 2880 MW Eraring Power Station, will be closed in 2025. The NSW Government has responded to the closure of Eraring by saying that to ensure energy reliability, it will work with industry partners to install the Waratah Super Battery, a 700MW/1400MWh grid battery, by 2025 to release grid capacity so Sydney, Newcastle and Wollongong consumers can access more energy from existing electricity generation.. Mr Taylor set a January 23 deadline for 24 hour baseload reliable projects eligible for government underwriting. the practices of Delta Electricity, past and present that are driving a range of water pollution impacts in Lake Macquarie, the sale of the power station to Se.ven Global Investments, Closure planning, decontamination and rehabilitation.
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