Fortescue restructuring shows that renewables are'hellish expensive'
Fortescuerestructuring shows that renewables are 'hellish expensive' (msn.com)
Menzies Research Centre’s Nick Cater says Fortescue’srestructuring shows us that renewable energy is “hellish expensive”.
Thisfollows the restructuring by mining giant Fortescue run by Australianbillionaire Andrew Forrest.
This hasresulted in 700 redundancies, signalling a slowdown of its green hydrogenambitions.
“Thisis really a double blow for the government and for Chris Bowen,” Mr Cater toldSky News host Danica De Giorgio.
“ChrisBowen built this whole idea of a renewable energy superpower on the idea thatwe would be making lots and lots of green hydrogen.
Fortescuerestructuring shows that renewables are 'hellish expensive'© Provided bySky News Australia
“But he’s also built it on the case that renewable energy is cheap.
“This decision from Twiggy Forrest shows us it is not cheap; it ishellishly expensive.”
