Adani investors misled? Money shifted to tax haven as Australian govt subsidises loan
The Cayman Islands-controlled rail company has rights to a royalty stream worth up to $3 billion from the proposed mine, the ABC recently revealed — a payment that would come at the expense of shareholders in the publicly listed Adani Enterprises.
Adani facing growing pressure on fears investors may have been misled http://www.abc.net.au/news/2017-03-22/adani-facing-growing-pressure-investors-may-have-been-misled/8376794 By Stephen Long, Adani Group is facing growing pressure to reveal which company in its complex corporate web has applied for a $1 billion subsided loan from the Australian Government, amid fears money could be shifted to a tax haven and investors may have been misled.
An Australian law firm has written to the Bombay Stock Exchange asking it to clear up the confusion about a $1 billion funding application to the Federal Government’s Northern Australia Infrastructure Facility (NAIF).
The loan would finance a 400-kilometre railway from Queensland’s Abbot Point Coal Terminal to a planned massive mine in the Galilee Basin, which, if it goes ahead as proposed, would contain six open-cut pits and five underground collieries.
It is “absolutely possible” investors have been misled about the loan, lawyer David Barnden from not-for-profit law firm Environmental Justice Australia (EJA) told the ABC. “In terms of misleading the market, the NAIF funding is really, really important for Adani’s share price,” Mr Barnden explained.
“When [Resources Minister] Matt Canavan told Reuters last week that Adani Enterprises had applied for the funding, the share price went up 4 per cent.”
Senate Inquiry report tabled: Labor support for Native Title Bill profoundly disappointing
http://wanganjagalingou.com.au/senate-inquiry-report-tabled-labor-support-for-native-title-bill-profoundly-disappointing/ 21 March 2017:
“Wangan and Jagalingou (W&J) Traditional Owners fighting Adani’s Carmichael mine are profoundly disappointed that Labor senators have today backed in the Government’s rushed and ill-considered amendments to the Native Title Act, giving a free kick to Indian billionaire Gautam Adani and plans for a Qld coal mine.
“The Native Title Amendment (Indigenous Land Use Agreements) Bill 2017 is designed to overturn the recent McGlade decision that upheld the Native Title Act requirement that all applicants are needed to sign a land use agreement. The bill is expected to be debated in the Senate today.
“Senior spokesperson for the Wangan and Jagalingou (W&J) Traditional Owners Council Mr Adrian Burragubba said, “Labor has lined up with the Government to wind back our rights – and their own commitment to land rights. They have swallowed the arguments of the mining and agricultural lobby that there is a crisis that needs an urgent response. …
“Youth spokesperson for the W&J Traditional Owners Council Ms Murrawah Johnson said, “The major parties have given Adani and their dirty mine a free kick today.
““Politicians at the Federal and State level are falling over themselves to push this controversial proposed mine through, denying us our rights to self-determination. …
“Mr Colin Hardie, Lawyer for the W&J native title claimants objecting to Adani’s purported ILUA said, “The risk involved in this legislation is so great it should not be proceeding.
It is a case where the cure is worse than the complaint. My clients will retain their objection to the purported Adani ILUA in the court, and consider grounds for challenging the legislation”. … “
Immense coal mine “good for the environment” says fossil fuel lackey Resources Minister Matt Canavan
This Politician Reckons Australia’s Largest Coal Mine Will Actually Be Good For The Environment March 23, 2017, Rob Stott BuzzFeed News Reporter, Australia Australian resources minister Matt Canavan has defended the proposed Carmichael coal mine, saying it will actually have a positive effect on the environment. The mine, which would produce more than 60 million tonnes of coal per year and significantly contribute to global carbon emissions, is proposed for Queensland’s Galilee Basin.
Snowy Hydro plan – Turnbull camouflaging its renewable energy side from his colleagues
sometimes the leader of the nation can join the policy discussion only by disguising his good ideas in a drizabone and bush hat, lest they be recognised for what they are by his own colleagues.
It’s great news – but sadly, Turnbull’s hiding the greens under the mash, Guardian, 18 Mar 17 Lenore Taylor
Huge potential of pumped hydro at Snowy Mountains could pave the way for a 100% renewable energy grid, but don’t tell the prime minister’s colleagues “……This week the prime minister announced some details of a big idea he has been hinting at all year – the massive potential of pumped hydro to help solve Australia’s energy crisis.
But like a parent hiding the nutritious goodness of veggies under the familiar stodge of gravy and mash, he covered the truly exciting potential of his plan under the reassuring nostalgia of a revived “nation-building” Snowy Mountains scheme, complete with hard hat and hi-vis vest.
It was duly reported as a “blast from the past” and a “trip down memory lane” with much reassuring emphasis on the jobs that could be created and file footage of hard-working post-war immigrants.
But – if it works – this revived Snowy Mountains scheme could actually pave the way for a reliable 100% renewable energy grid. It could end all that talk about how we need super-duper extremely “clean” coal for “baseload” power. Once you can store and dispatch power at this scale, the whole idea of “baseload” has been overtaken. And this latest “push” for nuclear energy will be dead before the mining industry has a chance to wind up another million-dollar advertising campaign. If the feasibility studies are positive, it won’t be a “blast from the past” at all, it will be a big leap into the future. Continue reading
Australia’s unstoppable transition to renewable energy
The question is whether the Coalition really is prepared to do something about bringing electricity prices down, or just wants to keep talking rubbish about how renewables will drive them up.
Swing to renewables will be unstoppable, THE AUSTRALIAN, ALAN KOHLER 18 Mar 17 Out of the thick haze of energy politics, something clearly significant emerged this week.
The expansion of Snowy Hydro is a very surprising, genuine game-changer: it shifts the power balance in Australian policy decisively towards renewables. If the project happens, a big if, the last fossil fuel electricity generator in this country has already been built.
It was possible because Snowy Hydro is the acceptable face of renewable energy, allowing, a heroic, soaring prime ministerial doorstop: “These are big dreams in these mountains, real courage, a belief in the future, a confidence in Australia.”
But the important point is that the Coalition’s electricity solution no longer seems to involve “clean coal” or gas.
There’s still a long way to go — after all, Malcolm Turnbull announced only a feasibility study, and then appeared to confirm that it was a stunt by using the press release to one-up South Australia’s battery plan: “My energy storage is bigger than yours.”
So the whole thing could turn into a pointless pissing contest between hydro and solar/wind/batteries. In fact, let’s face it — it probably will.
But even if that happens, and even if energy policy descends once more into political farce, at least the thermal power oligopoly would be out of the game, no longer exerting its hold over policy with the aim of maintaining margins.
And that is the significance of this Snowy Hydro expansion: it marks the end of thermal power. From here the swing to renewables will be fast, unstoppable and eventually complete….. Continue reading
Malcolm Turnbull’s desperate Snow job – as he pushes a hydro power renewable energy solution
Turnbull’s desperation … is driven by the knowledge that his government will carry the can if the spiralling problems are not addressed. He also knows his options on electricity are limited by the powerful reactionary rump within his government.
Among other things, it [the Snowy pumped hydro scheme] would make the government’s flirtation with funding a new “clean” coal plant – still being spruiked this week by Resources Minister Matt Canavan – much harder to justify……
plenty of questions remain unanswered. It is not clear how long the Snowy plan will take to get up – 
Turnbull says within four years, but the Australian Renewable Energy Agency has said this sort of project could take up to seven. It is not clear what it would cost, or who will pay for it. A feasibility study is yet to be completed. Its impact on the environment has not yet been assessed. We don’t know if its viability in a projected future climate with reduced river flows has been considered.
Is Malcolm Turnbull’s Snowy Hydro 2.0 a breakthrough, a distraction or both?, The Age, 18 Mar Adam Morton “…. Depending on who you listen to, Malcolm Turnbull’s proposed $2 billion expansion of the Snowy Hydro Scheme is a bold piece of nation-building by a Prime Minister who had found his mojo, or a cynically timed thought-bubble that is years away at best……
“I am a nation-building Prime Minister and this is a nation-building project,” he said …… Continue reading
Weatherill govt has tried to be constructive, but attacked unfairly by Turnbull govt
The government must fix this unconscionable energy mess – it owes us that much Guardian, Katharine Murphy, 17 Mar 17 “…Jay Weatherill’s ambush of Josh Frydenberg this week wasn’t pretty, but Canberra had it coming – now the government needs to step up “……Who could really blame the South Australian premier this week for saying screw you Canberra in two pretty spectacular ways – with a big package to boost the state’s energy self-sufficiency, and by crash-tackling Josh Frydenberg in a suburban garage in Adelaide?
It really wasn’t the high point of democratic representation, gotcha in the garage; kind of depressing, really – but the government in Canberra really had that one coming.
As Queensland Premier about to decide on Adani coal mine, Indian fishermen warn Australia against it
Adani: Indian fishermen warn Australia against environmental impact ahead of coal mine talks ABC AM By South Asia correspondent James Bennett , 17 Mar 17 Fishermen in India say a local Adani project is harming them and killing off sea life, warning Australia to be wary as Queensland’s Premier Annastacia Palaszczuk prepares to decide whether to proceed with the Carmichael coal mine.
Key points:
- Noor Mohammad said the Adani project’s coal dust, stream discharge harmed the community
- Adani has been heavily criticised for a series of environmental breaches during construction of Gujarat project
- Comment was sought from Adani on measures it had taken to address the ash problem, but the ABC received no response
Ms Palaszczuk and eight regional mayors are preparing to sit down with the chairman of Adani Enterprises, Gautam Adani, ahead of the company deciding whether to proceed with the proposed mine.
The Queenslanders will be shown the Adani’s Gujarat port and power station, which itself has a chequered environmental record, of which the local fishermen said Australia should be wary……http://www.abc.net.au/news/2017-03-17/fishermen-warn-australia-against-adani-mine-environmental-impact/8362230
PM Turnbull comes out in his true pro nuclear colours
Let’s have debate on nuclear power: PM https://au.news.yahoo.com/a/34674870/lets-have-debate-on-nuclear-power-pm/#page1 AAP on March 17, 2017 Nuclear power would demand political consensus and take many years to develop but it is a debate worth having, the prime minister says.
Malcolm Turnbull made the remark after spruiking his $2 billion expansion of the Snowy Hydro scheme and following weeks of unceasing discussion about gas, coal and renewable energy.
The Minerals Council of Australia has called for the blanket ban on nuclear power to be lifted after 11 coalition government MPs publicly declared it should be included in the energy mix.
Mr Turnbull says establishing a nuclear power station would need a high degree of bipartisanship because its development would span the lives of various governments from different parties. “But even assuming you had all of that, it would take many, many, many years to build. It’s not something that could be done in four or five years, let alone two or three years,” he told Sydney’s 2GB Radio.
“I think it’s an important debate to have but in the near term and in the medium term, storage is a very critical necessity.”
The minerals council argued nuclear power was reliable, affordable, safe and a proven technology that produced close to zero carbon emissions.
A pack of Liberals want nuclear power for Australia
Put nuclear in the energy mix, Coalition MPs tell Malcolm Turnbull, SMH, James Massola, Adam Gartrell, 16 Mar 17 One in 10 Turnbull government MPs say nuclear power should be on the table as federal and state governments grapple with Australia’s future energy needs.
The 11 Coalition MPs – Andrew Broad, James Paterson, Tony Pasin, Tim Wilson, Chris Back, Craig Kelly, Eric Abetz, Andrew Hastie, Warren Entsch, Bridget McKenzie and Rowan Ramsey – are from both the Liberal and National parties and come from the moderate and conservative wings of the government…..
The call to consider nuclear power came as Prime Minister Malcolm Turnbull and senior ministers met the chief executives of major gas companies including Santos, Origin, ExxonMobil and Shell to discuss shortfalls in gas supplies projected to hit the eastern and southern states in the coming years……
The talks came amid escalating debate over energy security and a day after South Australia announced a “go it alone” energy policy that includes plans for a new $360 million gas-fired power plant……
Victorian Premier Daniel Andrews took a swipe at Mr Turnbull, calling on him to “admit that the national energy market is failing households and businesses across the country, especially in Victoria. If he can bring himself to acknowledge that, we can then have a mature discussion about our energy future”.
A nuclear power plant would take an estimated 15 to 20 years to build and would cost several billions of dollars. It would also be expensive, relative to coal and gas-fired power, though a carbon price or emissions intensity scheme for electricity sector could make it more competitive.
Nuclear would not, therefore, offer a solution to short-term gas shortages but – the MPs said – in the medium term it should be considered. However, partisan politics in the form of opposition from Labor and the Greens could get in the way……
Both Mr Turnbull and deputy Liberal leader Julie Bishop have both previously backed nuclear power. http://www.smh.com.au/federal-politics/political-news/put-nuclear-in-the-energy-mix-coalition-mps-tell-malcolm-turnbull-20170315-guylds.html
South Australian govt calls for battery storage offers within two weeks
S.A. wants first round battery storage offers within two weeks http://reneweconomy.com.au/s-a-wants-first-round-battery-storage-offers-within-two-weeks-92337/ By Giles Parkinson on 15 March 2017
Snowy Hydro a “thought bubble” – not a solution to present energy problems
Snowy Hydro expansion won’t be ‘magical’ solution to power problems, experts say, ABC Radio The World Today By Nick Grimm 16 Mar 17 Engineering experts are less critical than the South Australian Premier but some are warning that the expansion of the hydro-electric scheme won’t be a “magical” solution to Australia’s power problems.
And they point out that it is an old idea that has previously been ruled out as too expensive…….
Max Talbot, the former executive officer of Strategic Engineering at the Snowy Hydro Scheme, told ABC Local Radio previous expansion plans had proved too expensive.”We did look at that prospect briefly, expanding the scheme goes back nearly 20 years ago,” he said. “If he’s [Malcolm Turnbull] talking about what I think he’s talking about, then that was considered a feasible but far too expensive at the time…….
Energy experts wary over hydro expansion But with the details of the plan yet to be resolved, energy experts are inclined to reserve judgement on whether the plan is the answer to Australia’s looming power shortage.
The Grattan Institute’s Tony Wood said the project faced so many stumbling blocks and was unlikely to be a “magical panacea”. “The real question here is the economics,” Mr Wood said. “And whether it’s privately owned or publicly owned, is this a good use of public funds? That’s going to be the trick for the feasibility of the study to determine.
“And that would also be therefore the reason why no-one has leapt into this before. “To be fair some of the really sharp issues only started to crystallise in the last six months or so, particularly for example with the announced shut down of the Hazelwood power station.”
That is echoed by another energy economist — Danny Price from Frontier Economics.As he told RN Breakfast, he is sceptical about the plan’s viability, especially given the shared ownership of the scheme, split between the Commonwealth, Victorian and New South Wales governments.
“I’ve worked on the Snowy Hydro corporation over many years, and let me say getting anything done in the Snowy is extremely difficult as it involves the three governments that own it,” he said.
“So at this stage I would regard the Snowy proposal as a thought bubble, and it’s a bit like saying ‘I’m about to begin building a boat and rescue someone’ — it will be years off before anything happens.“…..http://www.abc.net.au/news/2017-03-16/snowy-hydro-expansion-wont-be-magical-solution-to-power-problems/8360320
Malcolm Turnbull talks up his grand Snowy Hydro energy scheme, “better than solar and batteries”
Malcolm Turnbull says Snowy Hydro plan will outdo South Australian battery storage
PM says plan would turn Snowy Hydro into energy storage system but Labor says proposal leaves unanswered questions, Guardian, Gabrielle Chan, 16 Mar 17, Malcolm Turnbull has used his expansion plans for the Snowy Hydro to try to outdo South Australia on battery storage, saying it would provide 20 times the capacity of the battery system proposed by the premier, Jay Weatherill. Continue reading
Turnbull panders to gas industry as part of his attack on Labor States Victoria and South Australia
Phoney energy crisis merely a ploy to access off-limits gas, SMH, Waleed Aly, 17 Mar 17, Turns out manufacturing is alive and well in Australia. Only these days we’re manufacturing crises. This week’s exhibit is from the gas industry, which having witnessed the energy market regulator’s grave warnings that we’d all be having cold showers in the dark in a couple of years, found itself summoned to the Prime Minister’s table…..
By 2020, production capacity looks set to increase another 30 per cent. Even if demand is increasing – and that’s not absolutely clear – it’s not keeping pace with that……..
What’s much easier to believe, though, is that the gas industry is desperate to get its hands on gas supplies that are off limits – especially controversial ones like, say, coal seam gas. And if they have to offer a little more domestic supply to do it – at a time when global demand is slowing anyway – then it’s hardly a sacrifice. Oh, and as it happens, that’s exactly what Turnbull would like to offer them, hence his condemnation of the states’ bans on further gas extraction.
It’s a neat trick, really. Take a country with enough gas to supply itself “indefinitely”, send the vast majority of it overseas, refuse to sell locally at a fair price, create a domestic shortage, then demand access to some of our most environmentally sensitive resources as though it’s an emergency measure.
And if you’re going to pull a trick like that, this is the government to pull it on. Sure, Turnbull announced some useful initiatives to increase transparency in the market. But the Turnbull government’s energy wars have led it to the point that it simply cannot resist any opportunity to turn this back on the (Labor) states. It’s only too happy to paint this as a problem of Victoria or South Australia’s creation, as though gas companies have been passive observers, …http://www.smh.com.au/comment/phoney-energy-crisis-merely-a-ploy-to-access-offlimits-gas-20170315-guz8pb.html
South Australian govt releases new plan for reliable, affordable and clean power.
South Australia’s new energy plan released http://www.transcontinental.com.au/story/4529329/south-australias-new-energy-plan-released/?cs=4180 A $550 million energy plan unveiled by the South Australian government will aim to improve the reliability of statewide power.Premier Jay Weatherill released details of the plan on Tuesday, March 14, saying the goal was delivering “reliable, affordable and clean” power.
The state government expects the plan to create 630 new jobs in South Australia. South Australian Power for South Australians will ensure more of the State’s power is sourced, generated and controlled in South Australia.
The plan will include:
- Building Australia’s largest battery to store energy from the wind and sun, part of a new Renewable Technology Fund that supports clean, dispatchable and affordable power
- Building a government-owned 250MW gas-fired power plant to provide emergency back-up power and system stability services for South Australians, in the meantime procuring temporary back-up generation if necessary
- Introducing new Ministerial powers to direct the market to operate in the interests of South Australians
- Incentivising increased gas production to ensure more of our State’s gas is sourced and used in South Australia
- Introducing an Energy Security Target to ensure our power system uses more clean, secure energy generated in South Australia
- Using the Government’s purchasing power through its own electricity contract to attract a new power generator, increasing competition in the marketThe new gas-fired power plant is budgeted to cost $360 million, $150 million will be committed to the SA Renewable Technology Fund and new PACE grants are worth $24 million.
Commenting on the plan, Mr Weatherill said coal-fired power stations closing across Australia, no “coherent” national energy policy and “ideological attacks on renewable energy” had led to under-investment in new energy sources.
“The privatisation of our state’s energy assets has placed an enormous amount of power in the hands of a few energy companies,” he said. “These factors, together, have led to too little competition in our national energy market. It is a market that benefits the owners of the privatised assets, rather than the people and businesses who depend on this essential service.” He said the plan’s goal is to make the state more self-reliant. “Our plan will make our power supply more reliable, put downward pressure on prices and create jobs,”
“In the longer term, South Australia will become more self-reliant for its power supply. “As a state that has built its reputation on its clean green environment, this plan recognises that clean energy is our future.”
The South Australian Liberal party has not responded to the plan yet.
1 This month
15 April – Zoom –Nuclear Power is Not the Solution
Apr 15, 2026 01:00 AM in Canberra, Melbourne, Sydney
Join the International Physicians for the Prevention of Nuclear War (IPPNW) on Tuesday, April 14th for a timely webinar exploring the risks associated with nuclear power and challenging the myth that it offers a simple, safe, carbon-free solution to the climate crisis
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