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";s:4:"text";s:30581:"Renewable energy boom could force coal power to close early, says new The power station's end of technical life is set for 2029. Sev.en Group is a global, experienced and responsible operator of conventional power plants. 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. 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. 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. Your digital subscription includes access to content from all our websites in your region. In its home market, it runs two coal power generators and two combined heat and power plants. 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. The decision by the EPA now allows for these conditions and limits to remain in Deltas Environmental Protection Licence, Delta spokesman Steve Gurney said. The REZ will not only attract investment in clean energy, it will also underpin the growth of new low-carbon industries such as green hydrogen, ammonia and metals production which the world is going to need as it decarbonises, Mr Crouch said. Victoria Energy Policy Centre director Bruce Mountain said the Victorian government had struck an entirely sensible deal with EnergyAustralia to bring forward closure at Yallourn, which provided a long lead time of seven years for the market to fill gaps in power supply by 2028. As owners for the last eight years, Esprey and St Baker Family Trust have positioned the business to continue essential operations through the energy transition, but recognise that there are opportunities to grow the business and that this can be better accomplished in a portfolio with Sev.ens other base-load capable generation interests, he said. Feb 18, 2022 - 5.07pm. Vales Point provides 11% of NSW electricity. . 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. Tap into Getty Images' global scale, data-driven insights, and network of more than 340,000 creators to create content exclusively for your brand. 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. Sold for a song in 2015, the site is expected to be the subject of a new coal-fired power station proposal. News and analysis for the clean energy economy. Its coal. Andy Saunders 1 year ago John John 1 year ago Andy Saunders 1 year ago NSW is facing a potential shortage of reliable power as coal power stations shut down, with the closure of AGL Energy's Liddell plant in the Hunter Valley in April 2023 set to be followed. the Liddell plant is owned by AGL which has rejected . The power station doesnt currently have a valid air pollution licence. The script is starkly similar when it comes to water pollution from Vales Point, with offsite water contamination from the south-east portion of the ash dump identified in the Environment Protection Licence this year. Stop the Sale of Vales Point Power Station and Close It Down The sale reportedly netted Delta $200m despite the company paying only $1m to buy it from the NSW government in 2015, prompting the states opposition to accuse the Coalition of having dudded taxpayers over the sale. Vales Point Power Station sale completed In order to supply coal to the station, three mines were opened; Chain Valley Colliery, Newvale No.1 Colliery and Wyee State Mine. 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. Lake Macquarie Home Fishing Fishing closures, restrictions and permits Lake Macquarie The above closures are generated from the Fisheries Management (General) Regulation 2019 unless otherwise specified. 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. On this Wikipedia the language links are at the top of the page across from the article title. If the sale goes through, it will continue to pollute long past its slated 2029 closure date. 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. NSW power station given shorter deadline on emissions Michael Mazengarb is a Sydney-based reporter with RenewEconomy,writing on climate change, clean energy, electric vehicles and politics. The value of the NSW coal power plant was cut to $156 million, down from $732 million in 2017 when power prices skyrocketed after the closure of the Hazelwood power station, documents. NSW government sells Vales Point power station for $1m Vales Point Power Station sale completed December 18, 2022 by Merilyn Vale Sev.en Global Investments has announced it has completed its acquisition of Delta Electricity Pty Ltd, the parent company of the Vales Point Power Station and the Chain Valley Colliery. The largest coal plant in the state AGLs 2880 MW Eraring Power Station, will be closed in 2025. Delta said it complies with the reduced limits for emissions imposed in December 2021 and noted that Vales Point has lower licence limits for NOx than some other generators in NSW such as AGL Energys Bayswater and EnergyAustralias Mt Piper plants. "Hundreds of thousands of people living near Australia's largest power station do not know what they are breathing," the report states. Vales Point is located on the southern shore of the lake, near the township of Mannering Park. The sale, which was handled by RBC Capital Markets, takes Mr St Baker out of coal power at a sizeable profit on paper. St Baker said that financing the projects would not be sought from Australian banks but instead would rely solely on international lenders. Please try again later. the nominal closure of Vales Point . and Evie Networks, among other energy interests. Delta confirmed that it had terminated contracts with relevant suppliers for the turbine upgrades. Vales Point Power Plant is owned by Delta Electricity, but in September the company announced that the plant is being sold to Czech family investment group Sev.En Global Investments. Australia might face electricity supply shortages - AEMO No need to search elsewhere for all the latest updates on the electricity market and energy-efficiency tips that are important for you, the savvy business owner. 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. Sev.en has reputation for keeping old and polluting power stations open longer than their use-by date and has indicated the same for Vales Point. Vales Point Power Plant given two years to cut emissions Mr St Bakers proposal for a singleNSW plant and two new power stations in Victorias Latrobe Valleywas slammed by environment and community groups, who said the high-efficiency, low-emission plants were only one-third less polluting than highly polluting old power stations on the proposed sites. . The analysis found if power prices continued to decline, Yallourn, along with the Eraring, Mt Piper, Vales Point B and Gladstone black coal plants would be making a loss by 2025. The future of NSWs coal-fired power plants is under increasing threat from cheap renewable energy, which this week forced Victorias Yallourn coal plant to bring forward its closure date as analysts warn the end may come even sooner. 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 is a coal-fired power station which supplies baseload electricity. This site uses "cookies" to give you the best experience on this website. Cooking with gas: How bad for your health is it, really? However. When queried, the department told RenewEconomy that the funding set aside in the budget was considered to represent value for money. A Morrison government plan to fund upgrades at the Vales Point coal fired power station fell through after the government offered insufficient funding for the upgrades to take place, with owners Delta Electricity warning the plant could close early, documents obtained under FOI show. Goldman Sachs said Vales Point, backed by energy mogul Trevor St Baker, was facing closure potential. Strict new operating limits for Vales Point Power Station from 1 January 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. Kean confirmed exemptions granted to Delta during the purchase including a cap of $10m on rehabilitation likely to cost hundreds of millions of dollars would remain in place despite the sale. Vales Point was commissioned in 1978, and its two turbines generate 1,320 megawatts of electricity, accounting for 11 percent of NSW's energy. [6], Carbon Monitoring for Action estimates this power station emits 9.32 million tonnes of greenhouse gases each year as a result of burning hydrocarbon fuels.[7]. Energy Australia will close the Yallourn power station in Victoria's Latrobe Valley in mid-2028, four years ahead of schedule, and build a giant battery instead. They would be Australias first high-efficiency, low emissions stations, Mr St Baker said. In December last year, Vales Point was issued with an order to limit its emissions of nitrogen oxide. 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. 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. We also request confirmation that Vales Point coal-fired power station will close in 2025 and will not receive another exemption licence. It produces about four per cent of the electricity supplied to consumers in the National Electricity Market. Vales point already has an exemption licence to pollute over and above NSW emission controls. 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.. Energy analysts said the renewables-led collapse in average prices across the nations electricity grid was so severe that the 1480-megawatt facility supplying up to 22 per cent of the states power could close even sooner than expected. Vales Point is located on the southern shore of the lake, near the township of Mannering Park. Environment Justice Australia and the Nature Conservation Council have questioned whether the renewal of a licence granting the plant operators exemptions from some pollution standards for nitrogen oxide is valid because, they say, Delta applied for the renewal after the deadline. Newcastle GP andpublic health academic Dr Ben Ewaldsaiddata from existing Hunter and Central Coast power stations provided more evidence of the need to replace old coal-fired power stations with renewable energy. Brian Flannery, Trevor St Baker sell Vales Point coal power plant to . Meanwhile, EnergyAustralias owner CLP Group, also based in Hong Kong, is in the market for partnerships to support future investments to support the decarbonisation of the countrys third-largest power and gas supplier. 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. We call on Federal Treasurer the Hon Dr Jim Chalmers and the NSW Treasurer and Minister for Energy, the Hon Matt Kean, to refuse the proposed sale of Vales Point Power Station to Czech company Sev.en. Brisbane-based energy consultant Trevor St Baker and coal baron Brian Flannery. 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. Thermochemical reactions drive the other two methods. (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. 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. We do not want this in foreign hands. AGL Energy has also brought forward the closure of its 2220 MW Loy Yang A plant in Victoria to 2035. Vales Point power station, also referred to as the Vales Point B power station, is a 1,320-megawatt (MW) coal-fired power plant in New South Wales, Australia. Help using this website - Accessibility statement, Alinta Energys Hong Kong-based owner Chow Tai Fook Enterprises is understood, EnergyAustralias owner CLP Group, also based in Hong Kong, is in the market, AGL Energy is struggling to determine its forward strategy. While the Chinese government has signalled it will restrict coal lending, the country has yet to formally limit its investment in coal plants, the IEEFA report said. Cockle Creek Power Station was located in Teralba, New South Wales, Australia on the banks of Cockle Creek. Granted in December last year, the exemption allows the operators to emit a higher level of nitrogen oxide than usually allowable under clean air regulations. Origin Energys 2000 MW Liddell plant will close in early 2023. Mr . We make strategic investments with long-term commitment.. The facility is old, dirty, and poorly maintained. In an open letter to the Newcastle Herald, eleven community environment groups from Lake Macquarie and the Hunter urge the Australian Treasurer, Jim Chalmers to reject the sale of the Vales Point power station for fear of worsening impacts. Health at GoPetition. 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. The Vales Point coal-fired power station near the shores of Lake Macquarie, in NSW.James Whelan Goldman Sachs said Vales Point, backed by energy mogul Trevor St Baker, was facing "closure potential". September 2022 Delta Electricity agreed to sell to Czech company, Sev.en Global Investments. Delta Electricity, which is jointly owned by Trevor St Baker and Brian Flannery, announced early in 2019 that it was seeking support for the proposal from the Australian Government's Underwriting New Generation Investments program. 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. 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. . To learn more, read our Privacy Policy. Qld to close coal-fired power station a decade early 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. At home, the National Energy Resources Australia is offering $1.7 million in seed funding for hydrogen business to set up industry hubs, the Clean Energy Finance Corporation has a $300 million fund for hydrogen projects - including those powered by fossil fuels, and the Australian Renewable Energy Agency has $70 million available for green hydrogen projects. Parliamentary Secretary for the Central Coast, Adam Crouch, said the results of the registration of interest showed that the region was set to reap the jobs and investment rewards from the transformation of the energy system. But Delta managing director Greg Everett described the objections raised about the time limits for its application for an exemption as an administrative interpretation issue, not an environmental one. 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. As previously revealed by RenewEconomy, Delta told the Department of Industry, Science, Energy and Resources in December that it would not proceed with a formal application for $8.7 million in grant funding that had been set aside in the 2020 federal budget. At the same time, embattled AGL Energy is struggling to determine its forward strategy and put in place a refreshed board after the collapse of a demerger plan and as its biggest shareholder, software billionaire Mike Cannon-Brookes, pushes for a faster exit from coal power to align with the goals of the Paris climate accord. Nitric oxide oxidises in the atmosphere to form nitrogen dioxide. 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 company had shown a commitment to the sector and an ambition to expand, both in Australia and globally. Hydrogen is a rare element which means it needs to be manufactured. Were carefully considering it and its an important decision to make and well be making that public shortly, he said. Follow us on LinkedIn, Facebook or Instagram. Unit no. Before joining RenewEconomy, Michael worked in climate and energy policy for more than a decade. fair dinkum" baseload power generation after the Federal Government lost a public battle with generator AGL over the closure of Liddell power station in 2022. Stop the Sale of Vales Point Power Station and Close It Down, Australian Treasurer Jim Chalmers & NSW Treasurer Matt Kean. Solar feed-in tariffs cut again, despite much higher wholesale grid prices, How to double your old homes energy rating: Lessons from two efficiency retrofits, All-electric Polestar doubles sales, boosts margins as it prepares more EV models, EV battery recycler hits 95% recovery rate in world-first collection program, Electric vehicles grab record 6.8 pct share of Australia market as Tesla rules again. This week Delta Electricity announced it sold the 1,320-megawatt Vales Point power station, located in the states Hunter region, to Sev.en Global Investments, owned by Czech billionaire Pavel Tyka. The combined capacity of 2195 MW made Vales Point the largest power station in Australia at the time. Vales Point 'A' Station was decommissioned in 1989. It has two steam turbines, with a total generating capacity of 1,320 MW (1,770,000 hp) of electricity . 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. It is not what the community wants, because of climate change, and because of the environmental impacts of coal-fired power on our health. To learn more about how we use information collected with cookies, please read our Privacy Policy. The Vales Point coal power station was sold by the NSW government in 2015 for just $1 million. 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. 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. It listed Eraring, Vales Point and Mt Piper in NSW and Yallourn in Victoria as most vulnerable. Please correct the marked field(s) below. 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. On the international front the Morrison government has committed $70 million to help develop a regional hydrogen export hub, and Australia has signed agreements with Japan, Korea, Germany and Singapore to investigate hydrogen supply chains. We will continue to invest in the station both for ongoing energy needs and for system security, said the spokesperson. Contents 1 Location 2 Background on Plant 3 Carbon capture project 4 Environmental Impact 4.1 Air pollution 4.2 Coal ash dam 5 Future shutdown date 6 Interest in buying Liddell coal plant Im more interested now in what we are doing in electrifying the transport sector, absolutely critical steps forward in the rollout of charging infrastructure, he told The Australian Financial Review. The grant was to pay for upgrades to a turbine at the Vales Point power station, increasing its thermal efficiency, allowing an additional 30MW of output for the same amount of coal burnt. Vales Point was the first major power station in New South Wales to be located near its fuel source (coal). Recent state government announcements in Queensland and Victoria look to cut coal generation out of the energy mix as soon as possible. It is the second instance of the Morrison government failing to secure investment in new coal-fired generation infrastructure by offering insufficient funding support, following earlier revelations that the government had not provided sufficient grant funding to ensure proponents of a coal-fired power station in Queensland could complete a bankable feasibility study. There are three methods to extract hydrogen. 15 December 2021. Trevor St Baker's plans to keep burning coal at Vales Point beyond 2050 The Vales Point Power Plant is currently set for closure in 2029, but the EPA ruling delivered on 28 October 2022 could bring that date forward to 2025. The role of Deltas Vales Point power station in two devastating fish kills that took place in mid-2002 in Wyee Bay are currently under investigation by the NSW EPA. The power stations end of technical life is set for 2029. Delta said it did not make financial sense to proceed with the upgrade with the smaller grant amount, given ongoing uncertainty in the energy market and the looming closure of the power station, currently slated for 2029. The WHO annual guideline for PM2.5 of 5 ug/m3 is breached across the Sydney Greater Metropolitan Area, and coal power station NOx is a significant contributor to this pollution. The Vales Point Power Plant is currently set for closure in 2029, but the EPA ruling delivered on 28 October 2022 could bring that date forward to 2025. Victoria's potential crunch comes with the 2028-29 closure of the Yallourn power plant in the. DPE is currently assessing an application by Delta to consolidate and expand its Chain Valley and Mannering collieries. AGL, rival Origin Energy and EnergyAustralia have all brought forward the dates for closure of coal-fired power stations since the start of 2021, triggering suggestions that some other coal generators may need to keep running for longer to keep electricity supply secure amid the rise of weather-dependent wind and solar power. Under . 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. The owner blamed the COVID-19 pandemic for reducing demand and an influx of cheaper renewables reducing wholesale electricity prices. Several coal-fired plants in New South Wales have brought their closure dates forward. Delta also blamed ongoing regulatory and policy uncertainty, which it said, does not represent an appropriate investment environment.. POWER magnate Trevor St Baker is expected to lodge a proposalwith the Federal Government today for a new Hunter or Central Coast coal-fired power station with a Chinese joint venture partner. 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. Delta Coal which supplies Vales Point have an active proposal to continue mining largely exploited seams, ommunity fears over worsening pollution impacts from this aging facility under this potential new ownership, RSVP for updates and an invitation in 2023. This page was last edited on 30 April 2021, at 11:25. 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. These four units were known as 'A' Station, its capacity of 875 MW being the highest in New South Wales at the time. 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. The project was moved to Vales Point Power Station in 2012, after Munmorah closed. Delta flagged early closure of Vales Point coal plant when it rejected federal grant | RenewEconomy 1 year ago Kim Grierson 1 year ago 1 year ago Apparently NSW retained the decommissioning liabilities Andy Saunders 1 year ago Prices that make it profitable? Coal plant closures loom large as NSW backs hydrogen for the Hunter. Were sorry, this feature is currently unavailable. Sign up for our newsletter to stay up to date. But it also represents a significant expansion of Sev.en in Australias coal power sector beyond its interest in Queenslands InterGen, with the suggestion that further investments in the domestic energy sector may be on the cards. 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. Two investors have bought one of NSW's largest coal-fired power stations for the price of a nice suburban house. NSW coal region councils join forces for huge renewable energy mandate, Japans pivot to renewables will kick Australian exports right in the thermals. 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. 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. Sign up to Guardian Australia's Morning Mail, Our Australian morning briefing email breaks down the key national and international stories of the day and why they matter. If you disable this cookie, we will not be able to save your preferences. Custom Content. 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. ";s:7:"keyword";s:33:"vales point power station closure";s:5:"links";s:554:"How Many Hurricanes Have Hit Marco Island,
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