In the package of complementary measures, however, it is the Greens who have emerged ascendant. With a $10 billion clean energy investment corporation, a new agency to administer $3.2 billion worth of renewable energy grants, funding for a negotiated closure of 2 gigawatts of the dirtiest power plants, and a prohibition on using any of these agreed funds for carbon capture and storage projects, the Greens have peeled back the coal industry’s fig leaf and tipped the balance of low-emissions technology development in favour of renewables
NO CARBON CAPTURE AND STORAGE.
THE GREENS tipped the balance of low emissions technology development in favor of renewables....they did not tip it far enough once the carbon tax gets legislated.
YES SP3 the market and environment victoria have very little awareness of the potential of coldry to be utilised in power stations.
http://inside.org.au/a-clean-energy-future-for-whom/
Coal-fired electricity generation
In recognition of the significant impairment of the value of coal-fired electricity plant that will result from the imposition of a carbon price,9 and despite Professor Garnaut's opposition, $5.5 billion worth of assistance will be provided to emissions-intensive coal-fired electricity generators (ie those with an emissions intensity of more than 1tCO2-e/MWh of electricity). This assistance, which will take the form of cash in the first year (2012/13) and free carbon permits in subsequent years, will be provided in equal annual instalments over the five year period to 2016/17. The on-going provision of this assistance to a generator will be conditional on:
the generator adopting a clean energy investment plan showing how it will reduce its emissions; and
the capacity of the generation plant not being reduced unless the market operator determines that such a reduction in capacity will not have an adverse impact on power system reliability (including because the generator replaces that capacity with lower emissions-intensity capacity).
This is a comparable arrangement to that provided under the CPRS (see our Focus dated January 2009 and our Client Update of November 2009): while the CPRS assistance package equated to $7.3 billion in free permits, this was to be spread over 10 years and (unlike the CPRS) the Government has made no mention of including in the carbon pricing scheme a windfall gain review that could see assistance withdrawn from electricity generators in the later years of the assistance program.
http://www.aar.com.au/pubs/cc/foccjul11.htm
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