Calling the coal generators’ bluff

Many misunderstand that the purpose of contracts for closure was to deal with a threat by coal generators that the lights would go out, not clean-up energy supply. The government now realises it was an empty threat. But questions need to be asked whether Labor's 'clean energy future' is an empty promise?

Back in May I wrote (Climate Spectator: Gillard and Abbott won't dethrone King Coal) that the government’s contracts for closure process was going to fall significantly short of getting agreement on closure of 2000MW of coal generating capacity. Sure enough that’s what has transpired as the government has found the price for closure too high.

The reason why is the owners of Hazelwood (International Power -GDF Suez) and Yallourn (TRUenergy) power stations could see the following events occurring that would ensure the power plants would continue to generate plenty of cash:

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