June 15, 2021 Read More →

Queensland state-owned coal plants likely to lose money by 2023-24

Renew Economy:

Queensland’s publicly owned coal fired power stations could become a drain on taxpayer funds, with a new assessment finding that some may never again be profitable.

A new analysis produced by the Queensland Conservation Council has forecast the profitability of the Queensland government’s owned coal generation businesses, including Stanwell Corporation and CS Energy, predicting they will be losing money by 2023-24.

Between them, Stanwell Corporation and CS Energy operate the bulk of Queensland’s coal fired generation fleet.

QCC examined the whole of the two company’s businesses, including their retail electricity businesses, but found that the emergence of competing clean energy projects and falling wholesale electricity prices would diminish their profitability within just a few years.

“This analysis only looks at operating profits to 2024-25. Beyond 2025, profits could continue to tumble. Renewable energy, particularly through the NSW Roadmap, is likely to keep prices flat or falling beyond 2025,” the QCC report says.

[Michael Mazengarb]

More: Queensland’s state owned coal plants may never again be profitable, new analysis finds

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