IPART recommends continuing the Energy Savings Scheme

In its Review of NSW Climate Change Mitigation Measures released yesterday, IPART recommends that the NSW Government continue with the Energy Savings Scheme, despite recommending that the planned NSW Energy Efficiency Target should be scrapped.

(more…)

IPART Increases Electricity Prices by 20%

Yesterday, the NSW Independent Pricing and Regulatory Tribunal (IPART) released its final determination on regulated retail electricity prices with its report ‘Market-based electricity purchase cost allowance – 2009 review’. The new pricing covers the 2009/10 financial year.

IPART say that the new pricing ‘…represents an increase of around 21.7 per cent, 21.1 per cent and 17.9 per cent for regulated residential customers of EnergyAustralia, Integral Energy and Country Energy, respectively.’

Power Privatisation To Go Ahead

The NSW Government has reaffirmed its committment to the sale of the state-owned retailers, development sites and power trading rights with its International Market Testing Update released on 12th May.

The update states that ’…there is more than sufficient interest at this stage to proceed to the next stage of the transaction.’

One of the next steps is that ‘…the Government will call for formal Expressions of Interest in July/August this year.’

CPRS Changes Posted

The Federal Government has posted the details of the changes to the planned Carbon Pollution Reduction Scheme (CPRS) that were announced yesterday.

(more…)

COAG Agrees on Expanded RET Design

On 30th April, The Council of Australian Governments (COAG), announced an agreement ‘on the design of a Renewable Energy Target Scheme to achieve a 20 per cent share of renewables, or some 45,000 gigawatt hours, in Australia’s electricity mix by 2020.’

(more…)

NextGen Brokers First AEU Put Option

In a press release issued yesterday, NextGen annouced that it has brokered a put option last week on a notional 50,000 AEUs. The buyer paid $2.20 for a strike price of $19 on the 2011/2012 vintage certificates.

Energy Sector Needs Over $97 Billion – ESAA

Yesterday, the Energy Supply Association of Australia (ESAA) released the results of its ‘Global Financial Crisis Survey‘. The key findings were that:

• Over $97 billion is needed to refinance existing generation and network assets and to invest in existing and new assets;
• $29 billion is required for network refinancing alone, and around $17.5 billion of this must occur over the next two years;
• The market for such refinancing has become tight recently with credit spreads widening to up to 350 basis points; and
• Electricity generators estimate they would need to spend another $20 billion in CPRS permits over the next five years.

(more…)

CDM Rule Book

Baker & McKenzie have created an excellent guide to the United Nations’ Clean Development Mechanism (CDM) called the CDM Rulebook. Under the CDM, participants can create Certified Emission Reduction certificates (CERs). CERs are of interest to Australian energy markets participants due to inclusion of some types of CERs in the Carbon Pollution Reduction Scheme (CPRS) white paper.

Baker & McKenzie have also created the JI Rulebook to explain the Joint Implementation (JI) mechanism. ERUs created under JI are also linked to the CPRS scheme.

The First Global Financial Crisis of the 21st Century

 Andrew Felton and Carmen M. Reinhart have edited a collection of articles relating to the current global financial crisis.

(more…)

For Sale – 7.5 Million Tonnes of CO₂

“NSW workers may find themselves in a situation similar to that of workers in Victoria, where the privatisation of the state’s electricity grid is happening at an alarming rate.”

The above quote appeared in the Australian on the 3rd of May, 1995. The NSW Government is indeed moving at an alarming rate. In only fourteen short years the Government already has a draft plan and a tentative sale date.

(more…)