D26 Electricity Supply

Solar, wind cheapest long-term mix: CSIRO

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Original article by Angela Macdonald-Smith, Ryan Cropp
The Australian Financial Review – Page: 7 : 17-Dec-25

The CSIRO’s latest draft GenCost report has concluded that onshore wind farms and solar power would allow Australia to meet its 2030 renewable energy target and result in lower wholesale electricity prices than at present. The national science agency also states that these renewables are also the most cost-efficient way for the nation to meet its 2050 targets. Meanwhile, CSIRO estimates that adding offshore wind power to the energy mix would result in slightly higher electricity costs, while building nuclear power plants would add signicantly to the cost.

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CSIRO

Electric vehicles could help ease Australia’s energy instability by sending power back to the grid

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Original article by Peter Hannam
The Guardian Australia – Page: Online : 9-Jul-24

The ACT government is trialling the use of electric vehicles to put power back into the energy grid, with an incident on 13 February showing how that might work. When strong winds in Victoria brought down transmission lines and closed the state’s biggest power station, a fleet of electric vehicles connected to a charger in Canberra began discharging their batteries, sending power back into the grid. As the number of electric cars in Australia increase, particularly those with vehicle-to-grid capability, the nation’s energy grid could be looking at a huge and flexible source of power.

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Nuclear too expensive: Forrest

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Original article by Colin Packham
The Weekend Australian – Page: 29 : 18-May-24

Fortescue’s executive chairman Andrew Forrest says that while he is not ideologically opposed to nuclear power, using it in Australia does not "stack up" economically. Forrest contends that large-scale wind and solar projects, together with storage batteries and ‘green’ hydrogen are the best, fastest and cheapest forms of energy that will reduce power bills in Australia. He adds that politicians who advocate adding nuclear to the nation’s energy mix are merely dividing the country in order to get elected. Meanwhile, a report from consulting firm Egis has concluded that nuclear power would be six times more expensive than renewables in Australia.

CORPORATES
FORTESCUE LIMITED – ASX FMG, EGIS CONSULTING AUSTRALIA PTY LTD

Nuclear too expensive: Forrest

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Original article by Colin Packham
The Weekend Australian – Page: 29 : 18-May-24

Fortescue’s executive chairman Andrew Forrest says that while he is not ideologically opposed to nuclear power, using it in Australia does not "stack up" economically. Forrest contends that large-scale wind and solar projects, together with storage batteries and ‘green’ hydrogen are the best, fastest and cheapest forms of energy that will reduce power bills in Australia. He adds that politicians who advocate adding nuclear to the nation’s energy mix are merely dividing the country in order to get elected. Meanwhile, a report from consulting firm Egis has concluded that nuclear power would be six times more expensive than renewables in Australia.

CORPORATES
FORTESCUE LIMITED – ASX FMG, EGIS CONSULTING AUSTRALIA PTY LTD

CSIRO survey finds most Australians want moderately paced energy transition and are unwilling to pay more

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Original article by Daniel Mercer
abc.net.au – Page: Online : 10-Apr-24

Australians are generally supportive of the nation’s transition from fossil fuels to renewable energy, according to a survey undertaken by the CSIRO. Nearly 50 per cent of the 6,700 respondents favour a ‘moderately paced’ transition to clean energy, while 40 per cent believe that the transition should be faster and more extensive. The survey also found that nearly 60 per cent of respondents are not prepared to risk more power blackouts as part of the clean energy transition, while 64 per cent of said they ‘disagree’ or ‘strongly disagree’ with paying more for electricity. The survey was carried out in August and September 2023.

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CSIRO

AusSuper’s offer to Origin

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 1 & 15 : 5-Dec-23

A spokeswoman for Brookfield has indicated that the Canadian group will consider its "next steps" regarding Origin Energy, after a $20bn takeover bid was rejected by 68.9 per cent of the target’s shareholders on Monday. This was well short of the 75 per cent threshold required for the bid from Brookfield and EIG to succeed. Meanwhile, AustralianSuper has indicated that it is open to providing Origin with capital to help finance its energy transition, while Simon Mawhinney from Allan Gray Australia says Origin should consider demerging its energy markets business and its gas export venture.

CORPORATES
ORIGIN ENERGY LIMITED – ASX ORG, BROOKFIELD ASSET MANAGEMENT INCORPORATED, EIG GLOBAL ENERGY PARTNERS, AUSTRALIANSUPER PTY LTD, ALLAN GRAY AUSTRALIA PTY LTD

Australian electricity networks raked in $2bn in superprofits from customers, thinktank says

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Original article by Peter Hannam
The Guardian Australia – Page: Online : 22-Nov-23

The Institute for Energy Economics & Financial Analysis has released a report that highlights the massive earnings of Australia’s electricity distribution network operators. It estimates that in addition to "normal" profits of about $16bn since 2014, electricity distributors have generated some $11.1bn worth of "superprofits" over this period – including $2bn in 2022-23. The excess profits equate to between $80 and $400 for each customer, depending on the area they service. The report’s author Simon Orme says the excess profits of the ‘poles and wires’ companies are reducing energy affordability and adding to economy-wide inflation.

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INSTITUTE FOR ENERGY ECONOMICS AND FINANCIAL ANALYSIS

Top proxy group backs Origin bid

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Original article by Colin Packham
The Australian – Page: 13 & 16 : 8-Nov-23

Proxy advisor Institutional Shareholder Services has endorsed the takeover bid for Origin Energy, recommending that shareholders should vote in favour of the deal on 23 November. The revised offer of $9.53 per share from Brookfield Asset Management and EIG values the deal at nearly $20bn. The offer price represents a 70 per cent premium to Origin’s share price when the consortium made its initial bid in late 2022. However, AustralianSuper maintains that the offer still undervalues Origin. The industry superannuation fund has a stake of more than 15 per cent in Origin, and could sway the vote given that the deal must be approved by 75 per cent of shareholders.

CORPORATES
ORIGIN ENERGY LIMITED – ASX ORG, BROOKFIELD ASSET MANAGEMENT INCORPORATED, EIG GLOBAL ENERGY PARTNERS, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, AUSTRALIANSUPER PTY LTD

AusSuper puts Origin deal on edge

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 1 & 22 : 1-Nov-23

The $18.7 billion takeover bid for Origin Energy will require the support of 75 per cent of shareholders when they vote on the deal later in November. However, the acquisition of Origin by Brookfield Asset Management and EIG Partners appears to be increasingly uncertain, following AustralianSuper’s decision to reject the deal. The industry superannuation giant has a 13.7 per cent stake in Origin, contending that the offer of about $8.81 per share is substantially below its estimate of Origin’s long-term value. Several other institutional investors believe that the offer price is too low.

CORPORATES
ORIGIN ENERGY LIMITED – ASX ORG, BROOKFIELD ASSET MANAGEMENT INCORPORATED, EIG GLOBAL ENERGY PARTNERS, AUSTRALIANSUPER PTY LTD

Power bill relief likely only if grid survives summer

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Original article by Mark Ludlow
The Australian Financial Review – Page: 10 : 24-Oct-23

Wholesale electricity prices are down as much as 70 per cent on a year ago, but Gavin Dufty from the St Vincent de Paul Society says he does not expect to see any easing in retail prices for households and small businesses until perhaps the start of the 2024-25 financial year. He says this is because most rates will have been locked in before July, while Josh Stabler from energy adviser Energy Edge says the 2023-24 summer is likely to be very hot, leading to possible record electricity consumption as a result of people using air conditioning.

CORPORATES
ST VINCENT DE PAUL SOCIETY, ENERGY EDGE