Australia’s renewable energy policies threaten multi-million-dollar losses for industry
Generators at five of the six New South Wales coal-fired power stations were hit by outages heading into the long weekend, spiking spot prices to a forecast high of $14,000 in the early evening.
The outages threatened a third day of shutdowns at the Tomago aluminium smelter, the state’s largest single energy user, to avoid multi-million-dollar losses on the high energy prices.
“This is a direct result of renewable energy hollowing out the baseload generation in this country,” said Tomago chief executive Matt Howell.
Mr Howell said that at $14,000 per MWh it would cost $200,000 to make a tonne of aluminium and the plant would lose $5 million an hour.
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