Hazelwood supplies up to 25 per cent of Victoria’s electricity needs- some eight per cent of the National Electricity Market.
Now for an interesting take from Aaron Tyrrell, editor, Money Morning.
"The Australian says the government might buy the Hazelwood power plant for $2.5 billion and shut it down. Why? Because it is Australia's 'dirtiest' coal-fired power plant. $2.5 billion is a lot to pay for a toy you can't play with.
Doesn't it make you wonder what the point of the carbon tax is? Punish polluters and 'save' the world from man-made climate change? Or buy 'green' votes? Surely it's not to bribe 'dirty' businesses to die quietly! But the company that owns Hazelwood - International-GDF Suez - has a choice. Lethal injection or crucifixion?
'We'll take the less painful option, thanks!'
Yes, Hazelwood pumps out 3% of Australia's total carbon emissions a year. But in the grand scheme, it's not a lot.
According to the National Greenhouse Gas Inventory Total from 2009 on the Department of Climate Change and Energy Efficiency's website, that was 16.9 million tonnes in 2009. A small part of the 564.5 million tonnes pumped out that year: It's roughly 5% of what the whole power sector pumped out in 2008. Take that away and there's still the other 95% to worry about.
This $2.5 billion would just give this power co. a chance to pay out its workers and stick the anti-carbon cash in some new venture. International-GDF Suez might sink it into nuclear power. Or coal-seam gas. Or geothermal or solar or hydro electricity. (That way it could sweep up a few green grants as well.) In short, it could profit from the carbon hysteria. Twice! Once as the scapegoat. And once as the saviour.
Thank you Mr Tyrrell for that valuable information.
So we, the people of Australia through a cadre of idiots we elected, are going to spend (waste?) 2.5 billion dollars to reduce our carbon emissions by 5% and the energy output of Victoria by 25% and we don't have a strategy by which to replace this energy?