06.21.2022

‘Stakes never higher’: energy board releases capacity market blueprint

“[Australian] Coal- and gas-fired power plants could be paid to stay in business to bolster the stability of the main electricity grid and attract enough investment to build the equivalent of 50 times the original Snowy Hydro scheme by 2050, according to a high-level design paper released by the Energy Security Board. The fossil fuel generators would be required even as Australia continues to decarbonise the electricity sector, the paper released on Monday said. The report by the ESB backs payments for not just supplying power but also retaining the capacity to do so, as one of the most viable options to reform the faltering energy market after 2025.”

Originally published here at the Guardian on 19 June 2022.

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