January 30, 2020

Australia PM Seeks to Contain Bushfire Fallout With Energy Deal
(Bloomberg) -- Australian Prime Minister Scott Morrison, under fire for his climate policies amid a devastating bushfire season, announced a A$2 billion ($1.3 billion) energy deal with the country’s most populous state on Friday that will seek to reduce emissions and lower power bills.The federal government will provide as much as A$1 billion in funding to clean energy initiatives, jointly underwrite investment in two new interstate transmission links to bolster grid stability, and support new generation projects in New South Wales. In return, the state government committed to facilitating investment into gas supply into the east coast market and ensuring coal supplies to its biggest power plant until 2042.The deal may buy the premier some breathing space from the backlash over the bushfires, which scientists have warned are likely to become more extreme as a result of climate change. Still, industry analysts see the package as a costly way to tackle the issue that could serve to crowd out private investment.“Doing negotiated bilateral deals between governments is a very strange way to run an energy market,” said Tony Wood, energy program director at the Grattan Institute think tank. “This is what you do when you can’t, or you’ve chosen not to, have a policy to steer the industry toward lower emissions in an efficient way.”Morrison’s center-right government has steadfastly refused to bring in a carbon pricing mechanism, a step many in the industry see as the lowest cost way to bring about the transition to cleaner energy. Meanwhile, a plan to underwrite generation has been criticized for favoring projects, potentially deterring investment in alternative ways of boosting grid capacity.By prioritizing more gas supply the deal would “lock in higher power prices, reduced reliability and higher emissions for New South Wales,” climate-focused policy think tank Australia Institute said in a Twitter post, adding that renewable power was already cheaper than gas.New South Wales premier Gladys Berejiklian said developing Santos Ltd.’s Narrabri coal seam gas resource was one option to meet the state’s supply commitment. Narrabri, which has been the subject of strong environmental protests, is going through the state’s approvals process, with a final decision expected in the first quarter of 2020. Berejiklian added that there were other options, including two projects being developed to import gas from overseas.The Morrison government has championed gas as a transition fuel from coal to renewables, and pushed for states including New South Wales and Victoria to ease restrictions on developing new resources.Morrison’s deal with New South Wales may at least sketch out the beginnings of an energy strategy, Wood said. Given the prime minister is hamstrung by his party on stronger climate targets, “the clever way out is to start to find some projects that he can work on with the states” that would have some impact on emissions reduction and fill the policy vacuum, he said.To contact the reporter on this story: James Thornhill in Sydney at jthornhill3@bloomberg.netTo contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Rob Verdonck, Aaron ClarkFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Related Stories
Latest News
Top news around the world
Coronavirus Disease

Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.

Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment. Older people, and those with underlying medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop serious illness.

Around the World

Celebrity News

> Latest News in Media

Watch It
JLo & A-Rod Are Done, Colton Comes Out & More! | ICYMI on TMZ
April 16, 2021
qLgnPPR9Cgc
Cariol Horne Says George Floyd Case Shows Good Cops Still Afraid to Stop Bad Ones | TMZ
April 16, 2021
76ZDFddFVLg
Miles Teller Says Movie Theater Industry Not Dying Despite ArcLight Close
April 15, 2021
O-JQFVy2yqs
Shaq hit on Baylor star DiDi Richards’ mom during interview | Page Six Celebrity News
April 16, 2021
M6Wgurxz_VY
Dave Portnoy rents Floyd Mayweather Miami Beach home for $200K a month | Page Six Celebrity News
April 16, 2021
9ei4sA1MZUI
James Bond and Harry Potter star Helen McCrory dead at 52 | Page Six Celebrity News
April 16, 2021
HhkNwg0cwq0
Annie Awards - Live Stream
April 14, 2021
KTe8oO0GoWU
Entertainment Industry Leading U.S. Jobs Recovery According to Monthly Employment Report
April 07, 2021
SN5rgjk1-YU
'F9: The Fast Saga' Director Justin Lin Breaks Down the Film's New Trailer
April 14, 2021
5PvfDJf1eGg
Chadwick Boseman's Best Moments: Legacy Makers | E! News
April 18, 2021
g2vtZlYv0gE
"Game of Thrones": How the Franchise Will Continue to Live On | E! News
April 17, 2021
TKFqlpC4AN8
Inside Kim Kardashian's Star-Studded Night Out in Miami | E! News
April 17, 2021
_VLydBtWt4g
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
19
Nov
ASIAN CHAMPIONS LEAGUE: Group H
Sydney FC - Shanghai SIPG
17
Nov
UEFA NATIONS LEAGUE A: Group Stage
Spain - Germany
14
Nov
UEFA NATIONS LEAGUE A: Group Stage
Germany - Ukraine
08
Nov
ENGLAND: Premier League
Manchester City - Liverpool
08
Nov
ENGLAND: Premier League
Arsenal - Aston Villa
08
Nov
SPAIN: La Liga
Valencia - Real Madrid
08
Nov
ITALY: Serie A
AC Milan - Verona
08
Nov
ENGLAND: Premier League
West Bromwich Albion - Tottenham Hotspur
08
Nov
ITALY: Serie A
Bologna - Napoli
08
Nov
ITALY: Serie A
Genoa - Roma
08
Nov
ITALY: Serie A
Atalanta - Inter Milan
08
Nov
ITALY: Serie A
Lazio - Juventus
08
Nov
GERMANY: Bundesliga
Bayer Leverkusen - Borussia Monchengladbach
08
Nov
ENGLAND: Premier League
Leicester City - Wolves
08
Nov
GERMANY: Bundesliga
Wolfsburg - Hoffenheim
08
Nov
SPAIN: La Liga
Real Valladolid - Athletic Bilbao
08
Nov
SPAIN: La Liga
Levante - Alaves
08
Nov
SPAIN: La Liga
Real Sociedad - Granada CF
08
Nov
ITALY: Serie A
Torino - Crotone
08
Nov
SPAIN: La Liga
Getafe - Villarreal
07
Nov
GERMANY: Bundesliga
Borussia Dortmund - Bayern Munich
07
Nov
ENGLAND: Premier League
Everton - Manchester United
07
Nov
ENGLAND: Premier League
Chelsea - Sheffield United
07
Nov
SPAIN: La Liga
Atletico Madrid - Cadiz
07
Nov
SPAIN: La Liga
Barcelona - Real Betis
07
Nov
GERMANY: Bundesliga
Augsburg - Hertha Berlin
07
Nov
GERMANY: Bundesliga
Stuttgart - Eintracht Frankfurt
07
Nov
GERMANY: Bundesliga
RB Leipzig - SC Freiburg
07
Nov
ENGLAND: Championship
Rotherham - Preston NE
07
Nov
ITALY: Serie A
Parma - Fiorentina
07
Nov
ENGLAND: Championship
Watford - Coventry
07
Nov
ENGLAND: Championship
Norwich City - Swansea City
07
Nov
ENGLAND: Championship
Blackburn - QPR
07
Nov
ENGLAND: Championship
Derby County - Barnsley
07
Nov
ENGLAND: Championship
Huddersfield - Luton
07
Nov
ENGLAND: Championship
Nottingham Forest - Wycombe Wanderers
07
Nov
ENGLAND: Premier League
West Ham United - Fulham
07
Nov
ENGLAND: Championship
Sheffield Wednesday - Millwall
07
Nov
ENGLAND: Championship
Brentford - Middlesbrough
07
Nov
ENGLAND: Championship
Birmingham - Bournemouth
07
Nov
SPAIN: La Liga
Sevilla - Osasuna
07
Nov
ITALY: Serie A
Benevento - Spezia
07
Nov
ENGLAND: Premier League
Crystal Palace - Leeds
04
Nov
CHAMPIONS LEAGUE: Group stage, Group G
Ferencvaros - Juventus
04
Nov
CHAMPIONS LEAGUE: Group stage, Group G
Barcelona - Dynamo K.
03
Nov
CHAMPIONS LEAGUE: Group stage, Group A
Salzburg - Bayern Munich
03
Nov
CHAMPIONS LEAGUE: Group stage, Group D
Atalanta - Liverpool
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.