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Adani pressures Queensland government by putting investment decision on ice

Adani has postponed a final investment decision

1 - 2 of 2 posts

robert99 robert99 Sweden Posts: 1360
1 22 May 2017

Adani has postponed a final investment decision on its controversial Carmichael coal mine as the Indian conglomerate waits for the Queensland government to propose a royalty agreement.

Days after reports emerged that the Palaszczuk Labor government was considering offering Adani a "royalty holiday", the company's board chose to abort any final sign-off for the $21 billion project.

On Monday Adani's spokesman in Australia, Ron Watson, told Fairfax Media the company had never sought a holiday on its per-tonne royalty obligations, but rather a "sliding scale" that would allow Adani to pay "every cent" in an agreed schedule.

"You catch up. You pay every cent," he said.

Mr Watson said that when the company became aware a cabinet meeting of the Queensland government had not considered the matter, Adani directors chose to defer committing funds to the project.

"The company decided to defer consideration of the final investment decision," he said.

Amid a growing public backlash at the potential environmental and climate ramifications of what would be Australia's biggest ever coal mine, Adani had aimed to lock in its investment by the end of this month.

robert99 robert99 Sweden Posts: 1360
2 24 May 2017
Seems like it would be a problem to sell the coal in India

India cancels plans for huge coal power stations as solar energy prices hit record low

'India’s solar tariffs have literally been free falling in recent months'

India has cancelled plans to build nearly 14 gigawatts of coal-fired power stations – about the same as the total amount in the UK – with the price for solar electricity “free falling” to levels once considered impossible.

Analyst Tim Buckley said the shift away from the dirtiest fossil fuel and towards solar in India would have “profound” implications on global energy markets.

According to his article on the Institute for Energy Economics and Financial Analysis’s website, 13.7GW of planned coal power projects have been cancelled so far this month – in a stark indication of the pace of change.

In January last year, Finnish company Fortum agreed to generate electricity in Rajasthan with a record low tariff, or guaranteed price, of 4.34 rupees per kilowatt-hour (about 5p).

Mr Buckley, director of energy finance studies at the IEEFA, said that at the time analysts said this price was so low would never be repeated.

But, 16 months later, an auction for a 500-megawatt solar facility resulted in a tariff of just 2.44 rupees – compared to the wholesale price charged by a major coal-power utility of 3.2 rupees (about 31 per cent higher).

“For the first time solar is cheaper than coal in India and the implications this has for transforming global energy markets is profound,” Mr Buckley said.

“Measures taken by the Indian Government to improve energy efficiency coupled with ambitious renewable energy targets and the plummeting cost of solar has had an impact on existing as well as proposed coal fired power plants, rendering an increasing number as financially unviable.