By Jo Nova
If the whole renewables fantasy was crumbling, it would look something like this
Despite the Labor Government throwing money at unreliable energy, renewables hopes are quietly unraveling. The largest energy retailer in the country just announced a nice 26% profit jump, based on fossil fueled gas, and they also announced they’d be keeping Australia’s largest coal plant open longer. The two year extension for Eraring, is now a four year extension. Despite reaping in gas profits and keeping the planet-destroying-plant operating, the share price promptly leapt 6% to a ten year high.
Significantly, Giles Parkinson at Reneweconomy also noticed that Origin’s annual report includes talk of batteries, but no wind or solar projects, which seems like an important oversight in a nation belting headlong towards the Green Utopia.
Meanwhile, for the first time I can recall, a fossil fuel CEO is daring to defend the industry. The shift in confidence in palpable. Mike Wirth, the Chevron CEO, is not only saying “oil is not evil” but he clearly isn’t afraid of the Australian government. He’s so unafraid he also delivered a “stinging rebuke” — saying that high costs, red tape and environmental rules have made Australia so uncompetitive, investors are leaving to spend their money in the US and the middle east instead. Indeed, Chevron had a plan to double their Australian gas production but have abandoned that now. Australia used to be the world’s largest LNG exporter but Qatar and the US outpaced us.
In a similar theme, Ampol just surprised the market by spending $1 billion dollars to double the number of petrol stations it owns, making it the largest retailer in the country. The CEO Matt Halliday said the unthinkable: “The transition [to EVs] will take decades, and combustion engines are going to still make up a large chunk of the national car fleet beyond 2050.” It was a very unfashionable and backward thing to say, but shares leapt 8% on the news yesterday.
Australia’s biggest energy retailer hits go slow button on wind and solar, mulling options on Eraring
Giles Parkinson, Reneweconomy
Origin Energy, Australia’s biggest energy retailer, appears to have hit the go-slow button on the rollout of new renewable energy projects, and is still mulling options on the already extended Eraring coal generator, the country’s biggest, which is officially due to close in 2027.
Curiously, in its annual report, the company says: “With the Eraring Power Station’s closure planned for August 2027, failure to deliver our major renewable generation projects may affect Origin’s future supply capacity, financial prospects and reputation.” Yet it has made no commitment to build those projects in that timeframe.
Think of the irony of putting the nations biggest battery next to the nations biggest coal plant, as if it needed back up:
But this is made up entirely of big batteries, including the giant 700 MW, 2,800 MWh Eraring battery being next to the coal generator…
It [the annual report] includes no wind or solar projects. The technologies did not even rate a mention in the results presentation, apart from the giant 1.45 gigawatt (GW) Yanco Delta wind project in the south-west of NSW, which has gained grid access rights but is still to complete environmental approvals.
Chevron’s CEO says “Oil is not evil”:
Chevron boss Mike Wirth leads the fossil fuel fightback
By Perry Williams, The Australian
Mike Wirth has a message for the fossil fuel haters: oil is not evil.
The boss of Chevron, one of the world’s largest producers, has a front-row seat to the energy revival that’s gathered pace under the Trump administration. After a 43-year career in the oil and gas industry, he sees part of his role as helping deliver some home truths on the reality of the energy transition.
“Some criticise fuels as somehow being evil or immoral or any number of different characterisations that you can find out there … to attack our industry,” Mr Wirth tells The Australian. “When, in fact, people in the world have the highest standard of living in human history today because they are not toiling all day long to feed themselves and feed their families and create heat when it’s cold or try to stay cool when it’s warm. I strongly disagree with characterisations that our products are only bad.”
Finally, the international oil giant delivers the hard truths, without pandering. Clearly the power in the room has shifted, and with Trump in the US, doors are opening, and Australia is not so relevant:
Chevron delivers gas warning to Labor with Australian investment souring
Global energy giant Chevron has delivered a stinging rebuke directly to Deputy Prime Minister Richard Marles over Australia’s slump as an investment destination under Labor, warning that high costs, onerous taxes and environmental delays meant a historic plan to double its $US80bn ($123bn) Australian LNG business was off the table.
Chevron’s Texas-based chief executive, Mike Wirth, delivered the blunt message to Mr Marles on Friday afternoon in Geelong at a private meeting between the pair, saying he was concerned Australia was now uncompetitive with gas rivals such as the US and Middle East.
Mr Wirth revealed Chevron had at one point considered doubling its LNG footprint in WA to 10 processing trains from the current five units that exported gas from its Gorgon and Wheatstone plants. However, that expansion had now been shelved.
Australia’s $100bn LNG industry made it the world’s largest exporter for the past decade…
Meanwhile Ampol bets big on Australians driving petrol cars for years to come.
Ampol makes $1bn bet on the future of combustion engines over EVs
Ampol’s stunning $1.1bn move to almost double the footprint of its petrol stations is not only about expansion. It’s a calculated bet on the future of internal combustion engines versus electric vehicles. The retailer and refiner has snapped up a portfolio of around 500 EG-branded petrol stations, consolidating its position as the country’s biggest fuel retailer.
But, [Ampol’s CEO, Matt Halliday] is also a realist. The transition will take decades, and combustion engines are going to still make up a large chunk of the national car fleet beyond 2050. Despite also using its own debt to fund the deal, Ampol investors have firmly backed the expansion, sending shares nearly 8 per cent higher on Friday.
Make no mistake, this is the Trump effect — as Perry Williams at the Australian reports, the Chevron CEO speaks with the President regularly and says:
“I find the President to be curious. He asks questions. He asks good questions. He likes to talk to people in business. Under the prior administration, the door was not open. I only met President Biden once, and it was for a photo op,” Mr Wirth says.
“…he’s a big believer in American energy, and he believes that American energy strength can underpin economic strength and national security.”
With the American energy juggernaut taking off, Australia will be dragged by its green chains…
Photo: LNG Carrier http://photozou.jp/photo/show/254715/24141912.| Photo Ampol: Marcnutt1996 |
Photo: Trump;: Gage Skidmore from Peoria, AZ, United States of America
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Ampol, formally Caltex, always owned the EG brand. I do wish reporting was at least honest, but ‘The Australian’ could never be described in that way
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But did they own the bricks and mortar, they may have been branded Ampol and had Ampol branded fuel pumps.
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Don’t bore Fitz with petty details. He is above such things.
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Of course he is.
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….. and you know, Caltex ….. formerly Ampol, an Australian Company dating back to 1936. Ampol and Golden Fleece merged with Caltex in 1995, and and all were then branded as Caltex outlets.
Tony.
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Peter never lets facts interfere with whatever he is peddling.
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Did Ampol, formally Caltex, always own the EG brand?
No, Ampol (formerly Caltex Australia) never owned the EG brand. Here’s how the relationship unfolded and why it can be confusing:
• EG is a British-owned brand, part of the EG Group, founded by the Issa brothers in the UK.
• EG Group acquired Woolworths’ fuel and convenience business in 2019, creating EG Australia.
• Ampol (formerly Caltex Australia) was only the fuel supplier to EG outlets — not the owner of the EG brand.
Relationship Between EG and Ampol:
• EG Australia licensed fuel supply from Caltex/Ampol but operated independently.
• EG stores were branded as EG (not Caltex or Ampol), though they sold Ampol fuel.
• The EG brand was used for convenience retail, while Ampol was the fuel brand on the pumps.
What’s Changing Now?
• In 2025, Ampol announced it would acquire EG Australia for $1.1 billion.
• Once finalized (expected by mid-2026), Ampol will own the EG outlets — but may rebrand them under its own convenience banners like Foodary or U-GO.
• This will mark the first time Ampol owns the EG-branded sites, though the EG brand itself may be phased out.
[Apologies this was slow to approve. Great answer, thanks. – Jo]
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A simple AI query did the trick.
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Seriously Fitz? that’s all you got on the whole topic?? branding???
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According to the WWW the EG Group Limited is a British operator of filling stations, convenience stores and food service providers across Europe, the United States and Australia. It was founded in Blackburn in 2001 by brothers Mohsin and Zuber Issa, initially as Euro Garages.
It’s a leading international operator of convenience retail, food-service and fuel stations.
We arrived in Australia in 2019, having bought the fuel and convenience sites previously owned by Woolworths, with fuel supplied by Ampol. All our sites are now rebranded to EG Ampol. They are co-branded in Australia with Ampol, not owned by Ampol, Ampol just supplies the fuel.
The Ampol/EG Group service stations stations were bought out by the EG Group from Woolworths. On 9 November 2018, Australian retailer Woolworths announced to the Australian Securities Exchange it had entered into a binding agreement to sell its 540 fuel convenience sites to EG Group for A$1.72bn.(not Ampol) This created EG Australia.
I can’t find anywhere that says EG Group is/was owned by Ampol in Australia, find me that and I’ll happily give you a green thumb!
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Unfortunately, Australia is highly dependent on Singapore for fuel, and that in itself should be a larger concern than the company logo on the bowser.
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The light fuel price has dramatically risen as Trump preps for war with Russia. A light fuel top up for US strategic reserves.
Lula and Albo continue with foolish negotiations with Xi.
Trump has gone down every rabbit hole to avoid war.
We will soon be asked the hard question. “Who’s side do we choose?”
The wrong answer will put ANZUS in doubt, not AUKUS.
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What, no apology when you clearly have been proven very wrong? I wonder how much other stuff you post off the hip that has no basis in facts, just stuff you parrot from your biased ideals?
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My Chevron shares are showing a profit of nearly 12% and with a nice 4.4% dividend on top.
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Why did AGLs share price just drop recently?
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Maybe a case of “get woke, go broke”?
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How strong an earnings stream they receive will depend on how much of their investments in big batteries go up in flames…
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AGL has been badly managed for years. It takes time for good or bad management to hit the bottom line. With Cannon-Brookes on the board things will keeping going bad. Another thing- there is history of long running companies disappearing. There are many companies in USA that have gone into business history for failure to change GM and Kodak are just two. AGL started as Australian Gas Light in Sydney in the 19th century making gas from coal. A change came when natural gas & LPG came available and shut down gas plants. They never went into gas supply but stayed in gas distribution and then tried out electricity distribution followed by buying into electricity supply which they knew nothing about and made a mess of it.
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In the Great Left State of Washington, regular (cheapest) gasoline is $4.40 per gallon, 6¢ below Hawaii. Compare this to $2.64 in Oklahoma and $2.68 in Mississippi. Over $1 of the extra is tax and a “carbon indulgence”. [There is a lack of natural hydrocarbons in the State, so a higher price is expected.]
Washington State leaders are believers in the CO2 warming scam, as are the majority of the voters in the Puget Sound area. And there’s the rub.
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John, looking at weather maps, the coastal mountains north of you – all the way up to the largest state in the union where Trumputin are meeting today – are in for snow showers all next week, IN HIGH SUMMER, yet all the media can report on is a possible [small] hurricane clipping Puerto Rico.
Also heard 2x Chevron oil tankers have just departed Venezuela bound for the USA laden with black liquid gold… Must be great having a president with a sense of humour/humor as it’s a rare commodity these days. Ain’t life a gas!
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Mate, that’s still way cheaper than Australia – think yourself lucky.(Or move to Oklahoma)
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EV owners beware! The Government is on your non-existent tail pipe. RUC’s are just the first step in a major face saving exercise leading up to the 2026 election when subject to a positive and forthright Liberal Party the balance of power will revert to normality
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“when subject to a positive and forthright Liberal Party the balance of power will revert to normality”
The Govt’s quite safe then, a positive, forthright, and mainly, HONEST, Liberal Party doesn’t exist.
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Battery backup? Why not an extra turbine on site as an emergency? No risk of fire.
Or are they just virtue signaling?
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The battery ain’t built yet and the power station has been extended for two years. My bet is the battery won’t be built and Erarring will keep on going until Bowen and co are thrown out of office. In the next few years another coal plant will be built and that will happen much sooner if President Xi starts rattling his sabre.
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They’d need to keep a turbine anyway. Batteries suck at providing grid inertia. You need spinning generation to keep the power moving through the power lines. Batteries can store power, but they need grid inertia to deliver it.
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Umm, surely they’re not going to use the coal fired power plant to charge the batteries. (That doesn’t sound all that green to me.)
Oh, wait a minute, they already do that.
Use the coal fired power in the early AM to charge the batteries at the cheapest power cost, and then discharge those batteries during the early evening Peak power time, you know, when power costs are at their highest.
Gee, who would have thought it was only ….. about the money, eh!
Tony.
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It sounds as if they learnt from the smart guys in Spain. They used diesel generators to illuminate their solar panels at night to reap the benefits of high feed in tarrifs.
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Does anybody know if Spain ever stopped running its power grid in “strengthened mode”? The Spanish government announced it would be returning more gas and nuclear to the grid after the mass blackout in April, I can’t find any relevant news since.
https://www.breitbart.com/europe/2025/05/16/energy-security-net-zero-spain-leans-on-nuclear-gas-to-keep-lights-on-after-historic-blackout/
Oh, and they really seem to be dragging their feet on those investigations into the blackout, you know those investigations that were to dispel all the conspiracy theories circulating at the time about renewables and cyber attacks
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Sometimes I go down the rabbit hole of watching Youtube videos. Sort of doomscrolling effect. Was thinking about some Tesla batteries. Anyway, then viewed a whole lot of people posting their experiences with solar and batteries etc, and their intention to be “gridless”. Victoria, bloody cold in winter. This year they mostly all got caught out. Beginning of May, winter hit us and really cold, really early. No sunlight etc. Most of these people had forgotten (or never knew) how much energy it takes to heat even a small sized home. Their batteries were continually flat or on low charge. Because they wanted the batteries as backup when the grid had an outage (rural remote areas) they needed to be at 100 % charge. So guess what? They realised the only viable solution was to charge their batteries early morning via the grid, using all that lovely coal generated stuff.
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I live 30m above sea level in Southeast Melbourne. I burn around 1500kg of wood to keep the house comfortable for the 100 or so days of winter.
Say 4kWh/kg, my wood pile is around 6,000kWh so averages around 60kWh per day. Probably 45kWh in the house and 15kWh up the stack. We really only warm the living areas not directly to bedrooms. It would take at least 10kWh into a heat pump to do the same job. That would require 10kW of solar panels and 20kWh of battery just for reliable heating in mid winter
The wood is free and includes free open air gym membership in the package.
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When I hear the LNP opposition announce they have plans to build 2 new coal plants in Australia, one in Qld and one in Victoria I might then be convinced the green blob tide has turned. Because we were told that was once in their energy policy. Until that happens , I think the Uniparty and the bureaucrats will still be driving the energy bus off a cliff.
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What ever the LNP say they’re going to do I suggest taking a cup of salt with it.
The LNP currently is obsessed with quotas &/or dodging commitments to any policy the ALP has promoted. They don’t have any policies of their own nor, it would appear, any prospects of delivering any alternative policies. It would make financial sense to not have any opposition salaries to pay if there is no opposition nor any hope of any in the foreseeable future!!
Take the ALP’s suicidal Palestine state decision. The LNP say they’ll reverse it?? They also don’t agree with the ALP Net Zero policies but won’t say they’ll dump that policy either.
So it’s obvious that the LNP won’t dump the Palestine 2 state solution either. The LNP, I’m sad to admit, is all pure piss & wind!!
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That should be shouted from the rooftops until the LNP get the message!
Disappointing is the nicest thing I can say about the party that I used to vote for.
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The LNP hasn’t been a conservative party for decades.
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So it’s obvious that the LNP won’t dump the Palestine 2 state solution either
It would much simpler to correct the Labor decision that Hamas was/is not involved in the government of the “new state”.
Thus the “state” would not be a valid option and can be ignored.
The chances of a middle eastern “state” having separation of religion and political control is “minuscule”
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Morrison Coalition Government proposed one new HELE coal fired power station to be built in QLD and offered to underwrite the finance but the Labor State Government was not interested, or in the proposal to built a gas turbine generator in SEQ.
Also offered was two gas turbine generators for NSW and one for VIC, I understand one in NSW is under construction and owned by Federal Government wholly owned Snowy Hydro Limited.
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It is also ignored that at Glasgow 2021 PM Morrison declined the request for Australia to sign the net zero emissions agreement, the PM instead said Australia will have “an aspirational goal” to achieve net zero emissions but based on new technology (like nuclear power stations for Australia) and without damaging the economy.
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I’d like an Independent Audit on the whole ‘Ruinables’ Industry and determine amongst other things, how many Green Jobs have been created since this whole Scam began?
And for Green Hydrogen, Green Steel and Green Aluminium. How many Billions in subsidies have been wasted?
Meanwhile, for a few Hundred Million South Pacific pesos, more gas pipelines could be built to bring Gas from QLD to the southern Markets of NSW and VIC. And NSW and VIC could ‘Drill Baby Drill’ for Gas if they were really serious about Energy and the firming needs of those cheap electrickery ‘Ruinables’.
Also, it sounds as if Jobs in the Hydrocarbon Industry are doing quite well and are being well supported despite Chevron not going ahead with their planned expansion of LNG. At least Woodside is now forging ahead with their plans for NW WA and their LNG continuation plans with the recent (and finally) Feral Guv’ment approval. It only took 6 years so the Libs/Nats should take part of the blame for the extensive delay.
Vale Australia if Blackout Bowen & Co are not stopped soon.
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You’ll be pleased to learn that Victoria is shedding three hundred and fifty jobs in the Department of Energy, Environment and Climate Action; the tide is turning.
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But are the public serpents being moved on to new, more destructive “jobs” or are they bring permanently retired?
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*being not bring.
10
Only 350?
Still it’s a start, but not a very good one.
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Never forget that reliable BASELOAD energy security equals national security.
Toxic, unreliable, super expensive W & S + batteries are environmental disasters and should be stopped ASAP.
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Never forget that reliable BASELOAD energy security equals national security
Never forget that CHEAP reliable BASELOAD energy security equals national security
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The worst aspect of solar, wind and batteries, mostly made in Red China are subject to cyber security threats. Sky had a show during the week discussing our preparedness for war. We aren’t prepared and one of the greatest threats is that of hackers interfering with our major infrastructure. Distributed power is a major problem as is our heavy reliance on wireless communication. What if someone turned off all the petrol pumps or town water supply. One scenario is that an enemy, have a guess, could demonstrate it’s ability to disrupt us by turning off a regional town’s water and sewerage. That may cause a weak government, guess who, to back out of an alliance or tell an ally that they can’t use our airbases for example.
One coal plant would be easier to defend than a thousand wind turbines.
30
The whole problem of Australia’s ruinables energy “transition” is that it represents a long, drawn-out suicide. (Don’t Lefties love the “transition” word as when they pretend to turn children or adults into the opposite gender.)
The pain is great but not great enough.
It needs to happen faster.
The faster it happens and the more rapidly the whole scam collapses, the faster we can “reset”, rebuild, return to coal and gas and/or build nuclear and start behaving like the advanced country we should be, not some country well on the road to a woke, poverty-stricken but resource rich, Second or Third world dictatorship. Australia is not too disimiliar to Venezuela being resource-rich like Australia but now a poverty-stricken dictatorship.
See a comparative video between Australia and Venezuela at https://youtu.be/xXYiCgWHTrQ
Also, Australia with no effective political party in opposition is already effectively a One Party State as in any other dictatorship and that is reflected in the Labor Party and Left in general doing whatever they please with nothing to stop them.
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You would hope that our Handsome Boy would be a benign dictator. Then again, he’ll probably just be a glove puppet for President Xi. If he attends a press conference soon bearing a Fu Manchu moustache, be very afraid.
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Handsome Boy has no intention to be merely a benevolent dictator.
He is a life-long communist.
Recall that he even tried to ban unflattering memes of himself as “misinformation”.
https://www.afr.com/politics/seriously-albo-s-meme-theme-is-putting-comedians-out-of-work-20240422-p5fll8
Anyone who wants to ban memes of themselves is not going to be benign.
Book: Comrade Prime Minister: Anthony Albanese’s 40-Year Alliance with Australian Communism by Trevor Loudon.
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Follower of the late Russian revolutionary Marxist Leon Trotsky and various connections to communism internationally and nationally.
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Yep. Albo is an old Trot.
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I’m already afraid. Moustache not needed.
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Vassal State is the most likely objective of Albanese Labor and CCP
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Objective or not……that is what will happen if Albo follows his current trajectory.
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There is no exit strategy for the Left and their Civilisation-destroying ruinables scam once the truth becomes widely known.
To continue pushing the ruinables energy scam which has the sole purpose of destroying the Western World for the benefit of China is unforgivable.
They should never be allowed forgiveness or to say that “they didn’t know”.
As with covid, don’t forgive, don’t forget, prosecute.
(Unfortunately there have not yet been any prosecutions for their lies about covid either due to the woke injustice system.)
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Speaking of a woke justice system
https://www.news.com.au/finance/business/retail/lawlessness-victorian-igas-locking-doors-to-avoid-swarming-gangs-of-machetewielding-youths/news-story/03718f0ed5758cc01868f71f4f499769
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White middle-class Australian-born youths I am sure…
Too bad everyone rolled over and let them take the guns in Aussie, a semi-auto shotgun filled with rock salt behind the counter usually sorts this problem out.
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“Taking the guns” isnt the issues, there are plently of guns in Australia. The issue is what happens if you use them.
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David, the problem is that this country is on such a definite trajectory, that it is going to be very hard to redirect it. I fondly believe that this Labor term of office will be SO disastrous for this country, that they will be shoved off the stage in the next election.
That is, if Albo’s mate in China doesn’t intervene.
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I’m afraid this is just like the COVID debacle, the “great and the good” have now got so much of their personal reputations invested in the renewables insanity, there will need to be a revolution or fundamental catastrophe before they allow us to step back from th3 precipice towards which they’ve shepherded us.
There is nothing equivalent to the “illusion of value in COVID vaccination” that will allow face-saving retreat…
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Labour knows that their Australia as a world energy superpower dream is becoming a nightmare. They’re desperately trying to keep the australian public fooled that all is well. It’s not. Subsidised life-support from fosil fuel generated baseload power is the only thing keeping their terminally ill renewables plan alive.
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There is pushback and Bob Brown is leading the charge.
$100bn Nullarbor energy project sparks outrage.
‘Plans to build one of the world’s largest renewable energy and hydrogen hubs on the Nullarbor Plain are powering on in the face of stiff opposition. If it goes ahead, it would be one of the most “environmentally disastrous” projects in Australian history, says former Greens leader Bob Brown.’ (Oz)
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The Renew Economy tell us that Toxic W & S would cost Aussies 7 to 9 TRILLION $.
Yet last year their ABC and CSIRO told us that a large Nuclear power station would cost 8.5 billion $ and 8.5 times 7 = 59.5 billion $ for Dutton’s plan for Australia.
Uaing the CSIRO’s guesstimate the total cost would therefore equal about 0.06 trillion $ for the 7 stations.
Next divide 7 trillion by 0.06 = 116 times more for W & S.
Of course 9 trillion = 150 times more expensive than BASELOAD Nuclear. Anyone have any comments?
https://www.abc.net.au/news/2024-05-22/nuclear-power-double-the-cost-of-renewables/103868728
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The huge cost for toxic wind and solar goes way beyond the actual cost of the plantations.
The destruction done to the economy and society in general and the overall destruction of the standard of living for non-Elites has a cost way more than that.
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They have no real idea what anything would cost. What large government program has come in on time/on budget?
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Thanks David and Yarpos, but I was hoping someone else would check or challenge my calculations because I have very little education and can’t understand how our so called experts can be allowed to con us so easily.
Their ABC and CSIRO etc have so far had a free ride and it seems to be at our expense.
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Their ABC has long ceased to be an impartial reporter of news, and while the CSIRO might still have a few real scientists in now niche fields such as agriculture, the rest has become a vast Gerbil Worming propaganda machine.
Defund both of them.
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The relationship of the numbers looks OK, but given the sources (Renew, CSIRO and the ABC ) I retreat to my previous comment, none of them would be a serious attempt at costing their pet options.
I suspect Renew has misplaced a decimal point somewhere
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yarpos
Re “I suspect Renew has misplaced a decimal point somewhere”
Isn’t that now called “Starmerising”?
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The actual cost of renewables seems to vary substantially if batteries are required as backup to achieve the AEMO’s stated power reliability. The CSIRO seems to use only two hour’s backup, whereas others have shown that it’s possible to have wind dunkelflautes across the entire National grid that exceed 72 hours.
And it now seems that the govt is trying to move away from using large-scale batteries as the sole means of backup, instead promoting home batteries and gas.
So first I believe that there needs to be a proper study of exactly what amount of backup is required to achieve the stated reliability. Only then can we nail down the true cost of renewables.
FWIW, I calculated the cost of achieving 82% renewables as around 3 trillion dollars, or around $150,000 per household, to be repeated every 10-15 years.
50
So energy companies investing in evil fossil fuels are making some serious $$$ and the share-market and their overall profit is reflecting that. Meanwhile another “energy” companies shares continue to drop along with their profit. Their current share price is now well below their 2006 closing price of $14.62 (just after their share-market listing). Nearly 20 years later their share price at closing on Friday the 15th at $8.71 is nearly 50% less than they were when first listed and ~15% down over the past few days.
That’s not normal for a company unless it’s not being run well. They say shares are for the long term. So if you invested in AGL at the start for the long term you have well and truly done your dough.
So what does AGL plan to do, double down on “investing” in green energy. How can green energy be profitable? Bowen constantly tells us it’s the cheapest form of energy, yeah we see that on the AEMO when the prices are in the negative, real cheap when the wind is blowing and the sun is shining. Tasmania’s energy has been so “cheap” over the past 6-12 months, all that cheap hydro backed up by the mainland states just to ensure the entire state doesn’t black-out.
How can you afford to pay a dividend of $0.25 when you just lost 98 million dollars and your cash flow per share is NEGATIVE $674.00
How do you make money when the energy price is negative? Where and how does your company make any money and be profitable if what you’re selling has a negative value and your product is so cheap you can’t give it away? Subsidies?
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Wasnt Cannon Brooks the one that bought into AGL and pushed them down this road? Surely his insightful and visionary leadership should be enough to steady the ship and keep AGL at the lead of the “transition to renewables”
No doubt the lessons learnt at Cannon Brooks other great success story, Sun Cable, will provide invaluable input to the effective management of AGLs future. Exciting times for AGL investors.
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And MCB is not happy about the amount of exposure being provided by articles in The Australian – did a lot of complaining about this in a recent staff meeting. But where the cap fits….
40
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Danby should have been in the Liberal Party, not Labor. He is more conservative than many of them. He was shafted from Labor because he didn’t display the required level of hatred of Israel now a prerequisite for Labor members. Technically he retired but the commies made clear that they wouldn’t support him should he run for re-election.
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From the English dictionary:
Battery: A device storing chemical energy that can be converted into electrical energy.
The most efficient battery therefore is a train load of coal.
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“including the giant 700 MW, 2,800 MWh Eraring battery being next to the coal generator…”
Sadly the battery self-immolated, set fire to the coal dump and burned the power station to the ground… Coal was blamed as being ‘too dangerous’ and the station never rebuilt.
20
How about, STEAM power?
Straight-track speeds of OVER 100 MILES per hour BEFORE WW1.
roadhttps://automotiveamerican.com/2024/04/11/the-stanley-motor-carriage-company-1897-1927/ /
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FWIW, 4,400 MW of dispatchable generation gone.
Liddell, closed, 2000 MW
Munmorah, closed, 1400 MW
Wallerwang C, closed, 1000 MW
Their transmission connections remain. They could have been refurbished or rebuilt.
It is a shame they are gone, with nothing to replace their capacity, reliability, or cost effectiveness.
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Lance you Tony or Jo could help me with the maths and their CSIRO + their ABC guesstimates.
So 8.5 billion nuclear $ cost times 7 equals 59.5 billion $ or 60 Bn $.
So 60 bn or .06 tr $ into 7 trillion $ = 116 times more than cheap nuclear.
And 9 trillion divided by 0.06 tr $ = 150 times more than cheap nuclear.
Plus the batteries + GAS etc and also destroying the eastern Aussie environment.
Again am I correct or not? Anyone else who can help out?
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Of course so much of the 7 T $ to 9 T $ cost would have to be repeated every 15 to 20 years and repeated again and again until 2100.
While Nuclear stns would last at 93% capacity factor until 2100.
All of the above points are just unbelievable but true and yet none of the so called scientists or MSM or pollies etc will state the obvious and tell the poor taxpayers the truth.
So why is it so?
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To compare the options of Nuclear vs W/S, you have to do a present worth analysis that includes first cost, maintenance, fuel, reprocessing/disposal, transmission integration, FCAS , etc, for both options and then compare. However, you’ve got the right idea.
This is a Uniform Series, Compound Amount, Future worth issue, converted back to present worth.
https://www.e-education.psu.edu/eme460/node/659
Oz people should demand a detailed present value analysis, clearly stating all elements, before any decisions are made. Failing to do so is very naive and foolish.
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Thanks for that Lance but I presume Princeton Uni US, Melbourne Uni, Qld Uni and the NOUS Group have tried to plow through the W & S wastage and arrived at the 7 to 9 trillion $ cost.
I can’t understand how we could be so stupid and where are the so called Scientists and why don’t they tell the Aussie taxpayers that we are definitely heading for a disaster?
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As to “why”, it appears to be a profit taking managed decline. The business model of fleecing the populace as long as possible. The grift and graft will continue right up to the point that the disaster is undeniable. The pollies control the money that the Scientists receive in grants, salaries, etc, so the scientists have many reasons to play the game and few reasons to do otherwise. The Aussie taxpayers are voting emotionally and not rationally, refusing to believe their own lying eyes. If you like to watch train wrecks, just stand by and watch the big one coming.
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