Yes, it is rather ridiculous. KCCG seem to becoming a comedy act (or always have been). The fact is, if the Qld government allow KCCG to have their nonsensical way, then it will only empower this group further. For KCCG have no plans to stop with Cougar's plant, they wish to go further down the road and stop another project that is government owned, and furthermore, every company involved in ucg or csg. I'm not convinced that Qld government are prepared to allow this group, who have continued to operated in a slanderous fashion, any credibility by giving into their demands.
An important aspect, however, relates to the importance for Cougar's Kinagroy project, both in location and future energy provision for SE Qld. The following is taken from Cougar's website - 'Arrowhead Buisness and Investment Decisions', dated 19 March, 2010:
"Forecast supply/demand statistics in Queensland
The Australian Bureau of Agricultural and Economic Resources (ABARE), an Australian Government economics
research agency forecasts that Australia?s energy consumption will grow 1.6% per annum to 2029-2030
(+38.66% for the whole period)xii. In the 10 years period to 2006-7 Queensland?s consumption of electricity
grew 58% (Australia + 34%). By 2017-18, Queensland is projected to become Australia?s largest primary
energy consuming state. Queensland?s final energy consumption is forecast to grow 64% from 2008-9 to 2029-
30, far outstripping the growth rates in NSW (+30%) and Victoria (+31%). This can be attributed to fast
growing population in SE Queensland (in proximity of the Kingaroy plan) and the continuing growth of the
resources sector in the State.
There are 22 major electricity generation projects at an ?advanced stage? with a total generating capacity of
4,792 MW. This represents a 5.4% increment to the present electricity generation available in Australia. Of that
1,346 MW capacity is in projects in Queensland. A number of ?less advanced? projects were identified (13 for
Queensland), however these projects are still undergoing feasibility or pre-feasibility studies.xiii"
http://www.cougarenergy.com.au/pdf/COUGARENERGY_ABID_report_19Mar10.pdf
Furthermore, Cougar have proved to maintain their track record with raising finance, especially through this critical period:
"Cougar Energy portfolio and company risks
- Cougar Energy?s portfolio is concentrated in the exploration and development phase, with no substantial
revenue from production forecast until 2013; this produces to some extent a financial risk for the years
2010, 2011 and 2012. Still, with a sound capital-raising track-record, Arrowhead believes Cougar Energy is
secure in case of delays in the revenue forecast plan or unplanned capital expenditure increases."
(web address quoted above)
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