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Tuesday, 14 July 2015

Wind and solar project to challenge Australian PM's obsession with coal

Giles Parkinson on ReNew Economy has reported that a new, giant, wind and solar park will be competing with a proposal for a coal plant favoured by the Australian Prime Minister, Tony Abbott. The plant would be constructed in North Queensland by Windlab, based in Canberra. The project is a direct rival to the Australian government's planned coal plant in the same area.

The Kennedy Energy Park would consist of a 600 MW wind farm combined with a 600 MW solar farm and would be based at Hughenden. It would supply around 80 percent of the local electricity demand once completed.

The coal plant favoured by the government and some local businesses would require subsidies because of the high price of coal generated power, which Bloomberg New Energy Finance (BNEF) estimates at around $130 per MWh. However, according to Roger Price, CEO of Windlab, the renewable energy project would need the Clean Energy Finance Corporation (CEFC) to become involved in order to act as a catalyst for banks. Tony Abbott has just instructed the CEFC to stop providing money to wind and solar projects, a totally ludicrous decision.

Source: ReNew Economy

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