"It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong." Richard P. Feynman

Saturday, October 1, 2011

Power Station Valuations down the Toilet

Bestand:Gladstone, Queensland, Australia - Power House from Helicopter.JPG

The continued attack by ill-considered warmist policies on coal-fired power stations in Queensland has caused a billion dollar write-down in value for these energy companies which supply nearly all the electricity for our communities. These power generators are the cornerstone of our modern society and have been supplying cheap electricity for homes and industry. Because of the current hostile Government attitude  it is unlikely we will see the building of any new power stations before the green blackouts start when people start relying on the fallacious alternative energy alternative.
Unfortunately this economic self-mutilation may not stop with the probable change of government next year!

THE State Government's electricity-generating companies posted combined losses of almost $1.1 billion in the 2010-11 financial year, almost all of it due to the Federal Government's planned carbon tax.
CS Energy, Stanwell Power and Tarong Energy were forced to write down the value of their coal-fired power stations by hundreds of millions of dollars because of the proposed $23-a-tonne carbon price.
The companies, all of which tabled their annual reports in State Parliament yesterday, were also hammered by flood-interrupted coal supplies and an over-supplied electricity market.
Treasurer Andrew Fraser said the asset write-downs would be partially offset by a $490 million increase in the value of gas and hydro assets.
The State Government has lobbied, so far unsuccessfully, for compensation from their federal counterparts.

1 comment:

  1. Shouldn't we call them 'greenouts' when they start happening?

    One thing the current debacle has taught me is what happens when greenies get a taste of power. I'll never vote for them again, that's for sure.