"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

Tuesday, June 26, 2012

Banks not funding coal-fired power stations.

Energy from coal-fired power stations primarily powers Australia and is the lifeblood of our industry and communities.
Australian Electricity Generation  2012
The continual assault on the coal generation industry by the Gillard government and their green co-conspirators has led to the situation where these generators are unable easily to get bank finance . 
This rejection of base load coal generation in favor of green toys is attacking Australia's prosperity,largely built on our sustainable competitive advantage of cheap power .

A SECOND major coal-fired electricity generator has been forced to seek a multi-million-dollar bailout from its offshore shareholders, rather than bankers, ahead of the introduction of the carbon tax next week.

Last night, a part-owner of Victorian brown-coal power station Hazelwood announced it had used its internal corporate resources to refinance the debt on the power station rather than obtain the necessary financing from bankers.
The Australian was told last night that Hazelwood's owners were unable to obtain finance on terms acceptable to them.
The move came just days after the owners of Queensland's Millmerran power station were also forced to call on the resources of their foreign owners.
Neither Hazelwood nor Millmerran took up the emergency federal government loans that were designed to stave off financial failure related to the carbon tax. On Friday, the Canadian and Chinese shareholders behind InterGen, which runs Millmerran, were forced to pump in millions of dollars in rescue equity to keep the asset afloat.

1 comment:

  1. I wonder if JuLIAR is secretly a Chinese agent. Everything she's doing has the goal of making our once-great country uncompetitive, destroying the Aussie way of life and merely shifting the release of CO2 into the atmosphere to China which is becoming increasingly competitive.

    November 2013 when we'll rid ourselves of the greenwashed Labor lunatics for at least a generation is getting closer and closer.