It really is hard to believe.
Australia may soon rely on China to keep the lights on.
China, by the way, is a nation where about 82 million people get by on less than $1 a day. But, unfortunately, our governments have been so irresponsible with their energy policy that we might have to rely on this nation for electricity.
From The Australian today:
The Chinese conglomerate that controls Australia’s largest cotton farm has approached Malcolm Turnbull’s office to express interest in buying the Liddell coal-power plant in the NSW Hunter Valley…
…AGL so far has refused the government’s request to extend the life of the 1800-megawatt power station, instead planning to replace Liddell’s power capacity with renewables, gas and a planned battery.
The Australian reported last week that Liddell’s closure may cause power outages because only 100MW of the replacement capacity has been funded.
And it’s not just governments who need to answer questions over this.
The banking royal commission should force the banks to answer why they’ve black-listed Australians from owning assets like the Liddell power plant.
It is almost impossible for Australian consortiums to loan money for any new project involving coal. I can guarantee that Chinese companies will not face this problem.
And that means our next generations are missing out twice. Not only are we siphoning off their financial future by borrowing for insanely expensive and inefficient ‘climate-friendly’ renewable energy.
But we’re also preventing them from even owning the assets that have the ability to power prosperity in future years.