GXY 0.00% $5.28 galaxy resources limited

http://www.adelaidenow.com.au/business/sa-government-announces-wh...

  1. 3,795 Posts.
    lightbulb Created with Sketch. 227
    http://www.adelaidenow.com.au/busin...n/news-story/9f83072547f41f4f5556477942168dd9

    SA Government announces Tesla and Neoen will build 100MW giant battery as part of its energy security plan
    Adam Langenberg, Political Reporter, The Advertiser
    2 minutes ago
    TESLA, the company of tech entrepreneur Elon Musk — along with French renewable energy developer Neoen — will build the State Government’s promised “world’s biggest battery”.
    And if they don’t deliver the battery in under 100 days, it will be free.
    Premier Jay Weatherill announced Tesla and Neoen would be tasked with providing the 100MW battery under a “historic agreement” on Friday morning.
    Tesla will build the battery, which will store energy generated at Neoen’s 99-turbine wind farm at Hornsdale, near Jamestown in the Mid north.
    Mr Musk claimed he could fix SA’s power crisis for $33 million and in under 100 days after Premier Jay Weatherill revealed his $550 million plan to secure the state’s energy supply in March.
    He was first linked to the giant battery project when he responded to a tweet from fellow tech entrepreneur Mike Cannon-Brookes, who challenged him to build a 100MW battery farm in SA.
    Musk tweeted in response: “Tesla will get the system installed and working 100 days from contract signature or it is free. That serious enough for you?”
    Another of the applicants, Carnegie Clean Energy, were informed its bid had been unsuccessful earlier on Friday morning.
    “We are disappointed with the outcome,” Carnegie’s managing director Dr Michael Ottaviano said.
    “We felt we had a compelling and local proposition but we wish the South Australian government well for the future success of the project.”
    THE $550M PLAN TO SOLVE SA’S POWER CRISIS

    The Government’s six-point energy plan involves:
    BUILDING a State Government-owned, fast start gas-fired power station that can come on when the market does not provide enough energy to keep the lights on. It is expected to cost about $360 million. No site has yet been selected. It would be 250MW, enough to deliver close to 10 per cent of SA’S peak demand.
    SUPPORTING construction of the biggest battery in Australia — and possibly the world — as part of a $150 million spend on a new renewable technology fund.
    ENCOURAGING the construction of a new privately-owned power station using a Government bulk buy power contract.
    INCENTIVISING the extraction of more gas for use in SA power stations, through a taxpayer-backed exploration fund.
    GIVING the SA energy minister powers to override other regulators and force power stations to fire up in times of need.
    CREATING an “energy security target”, which requires retailers to buy 36 per cent of their power from baseload sources in SA.

    The Premier’s power plan came after the entire state was plunged into darkness in September last year.

    Mr Weatherill claims the plan will reduce bills and blackouts while also creating renewable energy jobs.
    In March, he invited Mr Musk to tender for the battery.

    “The battery must have a capacity of approximately 100MW and be operational in time for this summer. The private sector will own, operate and maintain the battery,” Mr Weatherill said.
 
watchlist Created with Sketch. Add GXY (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.