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Australian Climate Madness

Thursday, July 23, 2009

Electricity generators plead for $20 bn ETS aid

This is the grim reality of an ETS - electricity generators put under huge financial pressure, and the additional costs will be passed on to … whom? That's right, you and me, the consumers, with massive increases in our electricity bills. Until the public start to realise that this ludicrous legislation will hit them in the wallet, the government will be able to carry on regardless …
The government is already offering the generators 130 million free permits worth at least $3.5bn over the first five years of the ETS. However, the generators - which provide more than 20 per cent of Australia's east coast power - claim that will not be enough to stop a looming financial crisis and possible future disruptions to power supplies.

Industry sources told The Australian this week the generators were claiming at least 300 million free permits would be necessary to avoid their asset value falling below debt levels, and some were claiming the industry needed as many as 700 million.

Having heard Penny Wong on ABC News Radio this morning, I wouldn't hold your breath.

Read it here.

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