AGL Energy announced it would move the. The power station's end of technical life is set for 2029. Publicly owned until 2015 when sold to Sunset International Power for $1 million, the deal capped the new owners site rehabilitation costs to just $10M. It was a good letter from Anne Aldcroft (CCN380) regarding dog owners not doing their duty. In December last year, Vales Point was issued with an order to limit its emissions of nitrogen oxide. Sold for a song in 2015, the site is expected to be the subject of a new coal-fired power station proposal. Its members include residents and health professionals. @ Copyright RenewEconomy 2020. This will benefit customers, employees and system security for all energyusers.. . Vales Point provides 11% of NSW electricity. Michael Mazengarb is a Sydney-based reporter with RenewEconomy,writing on climate change, clean energy, electric vehicles and politics. Vales Point was the first major power station in New South Wales to be located near its fuel source (coal). Coal plant closures loom large as NSW backs hydrogen for the Hunter. Description. 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. Sep 18, 2022 - 3.16pm 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. Coal-fired power will be needed to keep the lights on for another couple of decades, said Mr St Baker, who is an investor in fast charging system provider Tritium, which listed in New York early this year, and Evie Networks, among other energy interests. Mr St Baker said he was looking for international investors after Australian banks and major lenders ruled out exposure to coal project funding, in part because of climate change stranded asset risks. In 2010, a carbon capture and storage (CCS) project at Delta Electricity's now mothballed Munmorah power station was set for expansion, after receiving US$28 million in funding. Sign up to The Sydney Morning Heralds newsletter here, The Ages here, Brisbane Times here, and WAtodays here. However. If the sale goes through, it will continue to pollute long past its slated 2029 closure date. Mr St Bakers announcement came as the Institute for Energy Economics and Financial Analysis (IEEFA) released a report on Monday showing Chinese finance is increasingly stepping in as the lender of last resort for coal plants, as other banks take active measures to restrict their funding. 287 Elizabeth Street 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. The sale, which was handled by RBC Capital Markets, takes Mr St Baker out of coal power at a sizeable profit on paper. Mr St Baker said Evie Networks was moving into a capital-intensive phase with the rollout of 300 fast charging stations around Australia, while he was also involved in developing e-mobility in the Philippines. In public comments this week, the current owner of Vales Point, Trevor St Baker, indicated that Sev.en may seek to keep the station open beyond its current closure date of 2029, saying the. Custom Content. The expectation has been that the power station would close in 2029 and the clean-up could begin., Vales Point on southern Lake Macquarie stayed in government hands until 2015, when the Coalition state government controversially sold it to energy entrepreneurs Trevor St Baker and Brian Flannery for $1 million., 167 Parry Street,Hamilton East, NSW, 2303, AboutCampaigningResearch & ReportsSubmissionsVolunteerHCEC NewsMedia ReleasesEventsContact UsCommittee Records, Barrington - Hawkesbury Climate Corridors Alliance, Water pollution Datawatch: NSW power stations. Coal is carbon. The black coal operators run at a much higher short-run marginal cost and so those nearing the end of their technical lives may be re-evaluating their closure dates, Mr Allen said. Stop the Sale of Vales Point Power Station and Close It Down, Australian Treasurer Jim Chalmers & NSW Treasurer Matt Kean. The Liddel power station in the NSW Hunter is already set to close in 2023, but the report said at least one more closure in the state is likely before 2025. It just staggers me that Australia is so far behind the rest of the world which is switching to renewables while were still talking about projects like this, Ms Wynn said. If you want to be updated with all the latest energy sector news, you can sign up for our newsletter or visit our blog section. Its a two years exemption, then we can apply for another period of time. NOx emissions can harm peoples health, contribute to respiratory illnesses and can cause asthma in children and the elderly. The Toshiba 660 MW turbo-alternator became the standard in New South Wales, with similar units later being installed at Eraring, Bayswater and Mount Piper. Vales Point Power Station will have its limits on nitrogen oxides (NOx) emissions cut by up to 35% to meet new national air quality standards in the local community, and will have to adhere to strict new monitoring and reporting conditions from next year. [5] The balloon loop opened in March 1980. It is understood that the joint owner of Delta, and significant political donor, Trevor St Baker, had been told informally in early 2020 that it was set to receive $11 million in grant funding from the Morrison government to fund the $20 million turbine upgrade. Correspondence obtained by RenewEconomy through a freedom of information request shows that Delta Electricity cited ongoing policy uncertainty, questions about the long-term future of the plant and an inadequate funding offer from the Morrison government as reasons for cancelling proposed upgrades to Vales Point. He dismissed the suggestion that Vales Point would close earlier than 2029, particularly given the impending closure of its near neighbour, Liddell Power Station, in 2023. This site uses "cookies" to give you the best experience on this website. On Tuesday the NSW energy minister, Matt Kean, declined to weigh in on whether the sale was appropriate, but said the government would remain vigilant over the plant operations. However, the company also flagged that it remained open to shifting the closure date of the Vales Point power station, which was dependent on the prevailing conditions in the energy market. It is also gearing up to invest more in the business as it seeks approval for a license to allow mining to continue until 2029. 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. Environmental Justice Australia director of advocacy and research, Nicola Rivers, said it was gob-smackingthe Australian Government would look to Mr St Baker as they seek energy solutions for the future, particularly given his companies rejection of infrastructure to limit pollution from existing power stations. 4 was brought into use in 1966. Email: info@de.com.au, {"type":"HYBRID","minzoom":false,"maxzoom":false,"types":["ROADMAP","SATELLITE","HYBRID","TERRAIN"],"mappingservice":"googlemaps3","width":"600px","height":"500px","centre":false,"title":"","label":"","icon":"","lines":[],"polygons":[],"circles":[],"rectangles":[],"copycoords":false,"static":false,"visitedicon":"","wmsoverlay":false,"zoom":16,"layers":[],"controls":["pan","zoom","type","scale","streetview","rotate"],"zoomstyle":"DEFAULT","typestyle":"DEFAULT","autoinfowindows":false,"resizable":false,"kmlrezoom":false,"poi":true,"cluster":false,"clustergridsize":60,"clustermaxzoom":20,"clusterzoomonclick":true,"clusteraveragecenter":true,"clusterminsize":2,"imageoverlays":[],"kml":[],"gkml":[],"searchmarkers":"","fullscreen":false,"scrollwheelzoom":false,"locations":[{"text":"","title":"","link":"","lat":-33.161011600000002,"lon":151.5452521,"icon":""}]}. It is one of the chief causes of yellow-brown smog. Mr St Baker would not reveal the price of the deal, but said we didnt get close to $700 million. It is also harmful to the environment. We continue to invest in the reliability of Vales Point to its notional closure in 2029. In January 2019 St Baker told The Australian that he would submit a proposal to Australia's Minister for Energy, Angus Taylor, for government support from the Underwriting New Generation Investments program for three projects including a new A$2 billion 660 MW black coal plant in NSW's Hunter Valley at the Vales Point A power station site or at AGL's Liddell power station.The report claimed "St Baker has lined up a Chinese joint-venture partner" but did not name the company. The black coal burned at Vales Point is more expensive than Yallourns brown coal, Mr Everett said, but Vales Point could be run with more flexibility to quickly ramp output up or down to better match demand limit production costs. It leaves the Morrison governments UNGI program has still having supported no new generation investments, despite being first announced in October 2018, and announcing a dozen shortlisted projects more than two years ago. Mr Taylor set a January 23 deadline for 24 hour baseload reliable projects eligible for government underwriting. USE is forecasted to be greater than the reliability standard from 2027-28 in New South Wales, increasing further from 2029-30 when Vales Point Power Station is expected to retire. 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. In a letter obtained by RenewEconomy, Delta told the department that the funding was below the amount of funding the company had requested and left the company carrying too much of the cost. To learn more about how we use information collected with cookies, please read our Privacy Policy. Vales Point is located on the southern shore of the lake, near the township of Mannering Park. Billionaire Trevor St Baker will reignite plans for a 20-year extension of NSW's Vales Point coal power station amid fears the early closure of Origin Energy's giant Eraring plant may lead to market volatility and higher prices. If you disable this cookie, we will not be able to save your preferences. NSW taxpayers might have to pay some remediation costs associated with the closure of Origin Energy's Eraring coal-fired power station when it shuts down in 2025. Brisbane-based energy consultant Trevor St Baker and coal baron Brian Flannery. The Vales Point power station has been operating on the shores of Lake Macquarie since the 1960's and was constructed before NSW environmental protection laws came into effect. Sign up to receive an email with the top stories from Guardian Australia every morning. We make strategic investments with long-term commitment.. The first two units were completed in 1963, and the third in 1964. Two investors have bought one of NSW's largest coal-fired power stations for the price of a nice suburban house. EnergyAustralia announced on Wednesday its Yallourn coal plant would close in 2028, four years ahead of the previous deadline. Delta has been contacted for further comment. St Baker said that financing the projects would not be sought from Australian banks but instead would rely solely on international lenders. When there are renewable energy alternatives available, like the Star of the South project, that will generate clean energy and create local jobs, there is no excuse for building more, big polluting coal projects that pollute our air and make our communities sick, Ms Rivers said. NSW coal region councils join forces for huge renewable energy mandate, Japans pivot to renewables will kick Australian exports right in the thermals. Leading Edge Energy is proud to be a signatory of the National Customer Code for Energy Brokers, Consultants and Retailers. . air pollution exemption granted to Vales Point power station by the NSW EPA was successfully challenged by environment and legal groups. (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. Vales Point was originally equipped with three turbo-alternators of 200 MW supplied by the English Electric (unit nos. Managing director Greg Everett said the decision was not due to plans for an early closure, but rather the grant approval process and timing did not meet the companys own timeline for having works completed. Owners of Vales Point power station turn down $8.7 million grant, blaming the Morrison government for taking too long to approve funds for turbine upgrades. The announcement today by Original doesnt change Vales Points position, said the spokesperson. Officials from the department told Senate Estimates in March that they were aware that Shine Energy was likely to fail to deliver a bankable feasibility study into a proposed Collinsville coal fired power station after an audit undertaken by the Australian National Audit Office found the $4 million in grant funding awarded to the company was not enough to ensure the study could be completed. Vales Point is located on the southern shore of the lake, near the township of Mannering Park. Commercial interest has been registered in 24 solar energy projects; 13 onshore and seven offshore wind energy projects; 35 large-scale batteries and eight pumped hydro projects. In 2022, an air pollution exemption granted to Vales Point power station by the NSW EPA was successfully challenged by environment and legal groups, who argued that community health impacts of toxic air emissions - including childhood asthma and premature deaths were - being ignored, pointing out that Vales Point routinely breach NSW air protection laws. Australia's fleet of coal-fired power stations are aging and many are due for decommissioning, and are being replaced by a combination of mostly renewable energy. We oppose this sale as it is NOT in the local, state or national interest: "We predict that gas power station output will fall by 78 per cent and coal output . Sev.en Group is a global, experienced and responsible operator of conventional power plants. Its coal. Its been a double whammyin the last couple of days first Wallarah 2, which is the Central Coasts Adani, and now this, another coal-fired power station proposal., Read more:Department of Planning gives green light for Vales Point solar energy project. Unit no. Vales Point A (replacement) power station is a proposal by Delta Electricity to build a new 660 MW plant on the site of the demolished Vales Point A plant in New South Wales, Australia. The pair, who famously bought the generator for $1 million from the NSW government in 2015 and then revalued it at $722 million two years later, agreed to sell their respective 50 per cent stakes in Delta Electricity, the owner of the plant, to the family company Sev.en Global Investments. Follow the topics, people and companies that matter to you. 1 to 3) and one of 275 MW supplied by Associated Electrical Industries (unit no. In the context of the confluence of the above factors, Delta will not pursue the Vales Point power station efficiency project. Proponents of renewable energy and some business leaders haveraised concerns that financial supportfor hydrogen production powered by fossil fuels could artificially prolong the operation of the nations ageing fleet of coal-fired power stations, or create demand for gas which would be better directed to wind and solar projects. The Cockle Creek power station was built by Caledonian Collieries Limited between 1925 and 1927 to use low grade coal to provide power to Caledonian Collieries mines and the surrounding townships in both the . Mr . The Nature Conservation Council of NSW said that, unlike previous exemptions, this one cannot be extended beyond October 2027. 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. Australia is positioning itself to tap the potential boom in hydrogen fuel, if its adopted globally as a replacement for petroleum. Mr Kean will say the region has strong potential for green hydrogen, fuelled by renewable power sources, due to its access to existing energy infrastructure, sustainable water sources, ports and logistics. Eraring is now scheduled for closure in 2025 and will leave Vales Point as the last electricity-generating station standing on Lake Macquarie, however, Vales Point is also scheduled for nominal closure in 2029. Environmental Justice Australia solicitor Jocelyn McGarity said there were serious concerns the licence conditions were unlawful and that the plant should not be allowed to operate beyond 2029. By 2050, green hydrogen has the potential to drive $350 billion in investment across Australia in current dollars and up to $26 billion per year in additional GDP, supporting the emergence of new decarbonised industries such as green steel and ammonia.. Several coal-fired plants in New South Wales have brought their closure dates forward. One uses gas and the other uses coal or gas, and for either to be a clean energy source they require carbon capture and storage to stop the emissions from the fossil fuels entering the atmosphere. It has two steam turbines, with a total generating capacity of 1,320 MW (1,770,000 hp) of electricity. Recent state government announcements in Queensland and Victoria look to cut coal generation out of the energy mix as soon as possible. But Tom Allen, director of Australian energy and utilities research with UBS, said the markets focus would be on the long-term viability of black coal-fired generators in NSW, particularly amid the NSW governments plan to ramp up renewable energy investment, which will place prices under further pressure. It is acidic, has an unpleasant odour and is highly corrosive. The power stations end of technical life is set for 2029. 15% of Wyong and 11% of Gosford population suffer from 3 or more chronic health conditions including asthma, cardiovascular disease and diabetes, compared to 5% or less across Sydney. 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. and Evie Networks, among other energy interests. 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. Vales Point 'A' Station was decommissioned in 1989. While Delta secretary Steve Gurney said the sale of Vales Point was a completely unrelated commercial matter to the emissions issue, Nature Conservation Council chief executive, Jacqui Mumford, said the new owners should be required to slash the stations pollution so that people across NSW can breathe healthier air. Vales point already has an exemption licence to pollute over and above NSW emission controls. 4), for a total of 875 MW. In December 2021, the value of the power station was written down to $156 million and in September 2022 Delta Electricity agreed to sell to Czech company, Sev.en Global Investments. For fossil fuel production to be clean carbon capture has to be tacked on to capture the emissions. Correspondence obtained through an earlier FOI request shows that Delta Electricity and the department undertook negotiations throughout 2020, ahead of funding being awarded in the federal budget. To learn more, read our Privacy Policy. The EPA has the chance to take a good look at this before issuing the new owners with a licence to pollute, she said. Delta chief executive Greg Everett said the proposed deal, which has yet to be approved by the Foreign Investment Review Board, was a positive development for Delta and its stakeholders. 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. Wholesale power prices are meanwhile several times higher than the $40-$45 megawatt-hour range that prevailed when he and billionaire partner Mr Flannery bought the generator. the nominal closure of Vales Point . The NSW EPA noted that environment department modelling found that ground-level concentration of NOx in the community meets national health standards. Vales Point Power Station is one of two operating coal fired power stations on the shores of Lake Macquarie, New South Wales. NSW EPA Chief Tony Chappel said the exemption, coupled with the requirement to cut emissions strikes the right balance between safeguarding environmental health and supporting NSWs need for reliable and affordable energy.
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