Feb 18, 2022 - 5.07pm. The deal comes amid an extended period of turbulence in baseload power generation in the National Electricity Market as cheap renewable energy flowing on to the grid makes it harder to operate baseload coal plants profitably, even amid surging prices for wholesale electricity. Transitioning the Hunter and Central Coast from a fossil fuels manufacturing base to one of renewable generation is underway. It has been announced that the ageing Vales Point coal-fired power station on the Central Coast, NSW is to be sold by the Australian Delta Energy to the Czech fossil fuel investment company Sev.en, owned by billionaire Pavel Tyka. In February, Prime Minister Scott Morrison promised Liberal party donor and part owner Trevor St Baker that an $11 million grant would be going his way to make upgrades. Only this week did the Federal Government flag that commercial interest in the Hunter-Central Coast Renewable Energy Zone (REZ) has been significant. As previously revealed by RenewEconomy, Delta told the Department of Industry, Science, Energy and Resources in December that it would not proceed with a formal application for $8.7 million in grant funding that had been set aside in the 2020 federal budget. These four units were known as 'A' Station, its capacity of 875 MW being the highest in New South Wales at the time. This field is for validation purposes and should be left unchanged. The future of NSWs coal-fired power plants is under increasing threat from cheap renewable energy, which this week forced Victorias Yallourn coal plant to bring forward its closure date as analysts warn the end may come even sooner. Tap into Getty Images' global scale, data-driven insights, and network of more than 340,000 creators to create content exclusively for your brand. Future: Part of the Vales Point power station on the Central Coast. [citation needed], In November 2015, the Government of New South Wales sold Delta Electricity, which at that time owned only the Vales Point Power Station, to Sunset Power International for $1 million. The transaction still needs to be completed, with approval from the Foreign Investment Review Board outstanding. The Lake Macquarie community and the Lake itself has long suffered as a result of pollution from the Vales Point power station. News and analysis for the clean energy economy. It produces about four per cent of the electricity supplied to consumers in the National Electricity Market. Stop the Sale of Vales Point Power Station and Close It Down, Australian Treasurer Jim Chalmers & NSW Treasurer Matt Kean. Energy Australia will close the Yallourn power station in Victoria's Latrobe Valley in mid-2028, four years ahead of schedule, and build a giant battery instead. To disable your cookies, please click on Settings. Energy entrepreneur Trevor St Baker and coal investor Brian Flannery will sell their Vales Point coal-fired power station in NSW for several hundred million dollars to a private Czech firm in what represents a further upheaval in the fast-changing sector. That, environment groups say, has given new urgency for the NSW Environment Protection Authority to clarify the legality of a pollution exemption provided to the plant late last year. A longstanding advocate of the need for round-the-clock dispatchable coal power, Mr St Baker said his decision to sell was more to do with wanting to redirect capital into his interests in electric vehicle charging than in any diminished conviction about the continuing need for coal-fired power as the transition to low-carbon power progresses. Mr St Baker, who bought Vales Point power station from the NSW Government for a song in 2015 and made $113 million in profit on the deal in 2017-18, has outlined plans for a new plant at Liddell or Vales Point as part of a $6 billion proposal for three coal-fired power stations in NSW and Victoria. We already have really low NOx emissions, lower than Bayswater and Mt Piper, and we are doing operational changes, and we believe that we will meet whatever the requirements are going to be.. The operator applied for an exemption granted in December 2021 with a reduction variation and additional conditions imposed by the NSW Environment Protection Agency. To learn more, read our Privacy Policy. Currently the sale is under investigation by the Foreign Investment Review Board (FIRB) with its decision to be announced in mid-October 2022. The Stop the Sale of Vales Point Power Station and Close It Down petition to Australian Treasurer Jim Chalmers & NSW Treasurer Matt Kean was written by Future Sooner and is in the category [2] However, in December 2021, the value of the plant was cut to $156 million and the annual profit was reduced 93% to $9.3 million. The sale reportedly netted Delta $200m despite the company paying only $1m to buy it from the NSW government in 2015, prompting the states opposition to accuse the Coalition of having dudded taxpayers over the sale. Read more:The power station offloaded by the NSW Government for $1 million suddenly has a future. Early closure of Australia's largest coal-fired plant could create Whoever owns these assets, I want to make sure they are acting in the interests of the citizens of this state, not for vested interests, he said. Coal transport and infrastructure in Australia, Key developments in coal mining and power in Australia in 2012, Financing coal power stations in Australia, Underwriting New Generation Investments program, "Delivering affordable and reliable power", "Federal government shortlists upgrade of Vales Point power station turbine", https://www.gem.wiki/w/index.php?title=Vales_Point_A_power_station_(replacement)&oldid=241402, Creative Commons Attribution-NonCommercial-ShareAlike. Were carefully considering it and its an important decision to make and well be making that public shortly, he said. [9][10][11], Vales Point Power Station was used as the location for the Midnight Oil US Forces music video.[12][13]. The EPA ruling has fuelled concerns that NSW may face an energy supply crunch in the coming years as coal swiftly exits the market. NSW coal region councils join forces for huge renewable energy mandate, Japans pivot to renewables will kick Australian exports right in the thermals. (Delta Electricity have also flagged the possibility of the proposed plant being built on the the site of the nearby Liddell power station, which is slated for closure in 2022. We continue to invest in the reliability of Vales Point to its notional closure in 2029. The EPA also stipulated that Delta must investigate, mitigate and report on the causes of NOx emissions when the 1320-megawatt generator operates at less than half its capacity. the nominal closure of Vales Point . Private owners net millions in sale of ageing coal-fired power station in NSW, Original reporting and incisive analysis, direct from the Guardian every morning. The proposed plant would adjoin the existing 1320 MW Vales Point power station owned by Delta Electricity. It is one of the chief causes of yellow-brown smog. Eraring and Vales Point coal-fired power stations in the Hunter could The role of Deltas Vales Point power station in two devastating fish kills that took place in mid-2002 in Wyee Bay are currently under investigation by the NSW EPA. Eraring and Vales Point power stations could be running multi-million dollar annual losses by 2025, the Institute for Energy Economics and Financial Analysis report found. This page was last edited on 30 April 2021, at 11:25. Plunging energy prices sink Vales Point power station Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Delta flagged early closure of Vales Point coal plant when it rejected federal grant | RenewEconomy 1 year ago Kim Grierson 1 year ago 1 year ago Apparently NSW retained the decommissioning liabilities Andy Saunders 1 year ago Prices that make it profitable? These fossil fuel power stations burn coal to power steam turbines that generate some or all of the electricity they produce. Andy Saunders 1 year ago John John 1 year ago Andy Saunders 1 year ago The first two units were completed in 1963, and the third in 1964. On this basis, Delta respectfully and regrettably advises that it will not submit an application for UNGI grant for the proposed Vales Point power station efficiency upgrade project, Delta Electricity said. The report,China at a Crossroads: Continued Support for Coal Power Erodes Countrys Clean Energy Leadership,found Chinese financial institutions and corporations funded more than 25 per cent of all new coal plants outside China in 2018, or $35.9 billion for projects in 27 countries, excluding Australia. Newcastle GP andpublic health academic Dr Ben Ewaldsaiddata from existing Hunter and Central Coast power stations provided more evidence of the need to replace old coal-fired power stations with renewable energy. @ Copyright RenewEconomy 2020. The man who bought Vales Point power station from the NSW Government We also request confirmation that Vales Point coal-fired power station will close in 2025 and will not receive another exemption licence. We know that the emissions meet the National Environment Protection Measures for NOx, but weve got the environment groups position. Carbon Monitoring for Action estimates that Vales Point emits 9.32 million tonnes of greenhouse gases per year from burning coal. In our view, the risk of accelerating coal generation closures is increasing as the market makes room for the rapid addition of renewable generation.. Strict new operating limits for Vales Point Power Station from 1 January [3], In September 2022 Sunset Power owners announced the sale of Vales Point Power Station to a Czech family investment group Sev.En Global Investments.[4]. 1 to 3) and one of 275 MW supplied by Associated Electrical Industries (unit no. At Delta, which supplies about 11 per cent of NSWs power, RBC is thought to have run a process to sell either 50 per cent or 100 per cent, with Mr St Baker originally keeping open an option to retain his stake. (Delta Electricity have also flagged the possibility of the proposed plant being built on the the site of the nearby Liddell power station, which is slated for closure in 2022. Lake Macquarie Home Fishing Fishing closures, restrictions and permits Lake Macquarie The above closures are generated from the Fisheries Management (General) Regulation 2019 unless otherwise specified.
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