http://www.theguardian.com/australia-news/2014/oct/31/climate-fig...

http://www.theguardian.com/australi...te-fight-all-over-until-the-real-fight-begins

"He will set baselines that emitters are not allowed to exceed. But the government’s white paper says that “in the unlikely event of baselines being exceeded” he could allow the offending companies to make up for it by “purchasing credits created by other accredited emissions reduction projects”.

My reading of this is that PWEP would likely be one of those "accredited emissions reduction projects" that the Minister is referring to.

If that is right, CWE may have a far bigger income stream than from just simply selling power and water to the Navy.  The big polluters will be looking hard for projects that provide the offsets to the pollution they emit.  The credits generated by PWEP could become a whole lot more valuable after 2020, when much greater emission reduction targets will be needed.

I look forward to seeing the detail that is yet to be released.