Antinuclear

It says rooftop solar and energy efficiency are causing a significant fall in household energy consumption, more than offsetting any gains from population growth. It says these factors, combined with an increase in renewable energy generation due to the Renewable Energy Target (RET), has caused wholesale electricity prices to fall. “This is likely to continue,” it says. “These factors are impacting the industry as a whole, providing difficult trading conditions for ourselves and our major competitors alike.”

The comments came as EnergyAustralia, which owns the Yallourn coal-fired generator – and recently purchased coal-fired generators in NSW and a range of gas and wind energy assets, along with a retail arm – recorded a loss of $HK45 million in the first half of 2013. That compares with earnings of HK$268 million for the same period the previous year.  Operating profits fell to HK$55 million from HK$807 million.

“The Australian energy market is facing unprecedented structural changes that are taking place at a rapid pace,” the company noted in a statement.

“In particular, the past two years have seen a pronounced decline in residential electricity demand in response to rising prices, and the deployment of rooftop solar photovoltaic systems and energy efficiency savings have more than offset any increase in demand from population growth.”

EnergyAustralia has been one of the most vocal opponents of both the RET and energy efficiency measures, because of the impact on its generation assets. It has been joined by  Origin Energy and many state-owned coal fired generators in pushing for the RET to be diluted or halted…….

Despite the problems and the losses, Richard McIndoe, the managing director of EnergyAustralia, received total remuneration of $HK15.4 million ($2.2 million) million in the six month period, with nearly two thirds of this coming from performance bonuses. He was the best paid in the last six months of all senior executives of CLP, the Hong Kong-based parent company, including group CEO Andrew Brandler. http://reneweconomy.com.au/2013/energyaustralia-says-solar-pv-causing-rapid-structural-change-83521