Sumitomo reports $251 million loss on WA Bluewaters coal investment

PV Magazine:

Japanese industrial giant the Sumitomo Corporation, owner of Western Australia’s coal and gas-powered Kwinana Power Plant, the coal-fired Bluewaters Power Plant (Bluewaters), and solar retailer Infinite Energy, has reported a stunning ¥26bn (US$251m) loss on its Western Australian (WA) Bluewaters coal fired power investment. 

The 434 MW Bluewaters coal-fired power station is WA’s newest coal power station, completed in 2009 and generates approximately 15% of the state’s energy. Interestingly, it is WA’s only privately-owned coal-fired power station.

According to a report from the Institute for Energy Economics and Financial Analysis (IEEFA), the loss strongly contributes to the company’s worst ever half and full-year performances. According to the report’s author, energy finance analyst Simon Nicholas, the Australian coal power loss raises important questions for investors and the company. 

[Blake Matich]

More: Japanese owner of WA’s Bluewaters coal plant reports worst ever loss in face of energy transition