Catch up
Capital
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Gina RInehart backed gas explorer Lakes Blue Energy launched a $10 million capital raise, pitching itself as a likely beneficiary of gas shortfalls on Australia’s East Coast. (AFR)
Alex Wonhas-led renewables developer Ampyr Energy Global is seeking investors in the first stage of its 400 MW Wellington battery. (AFR)
Queensland Treasurer and Energy Minister David Janetzki released a Strengthening Social Impact in Queensland issues paper for feedback. The Office of Social Impact is developing a roadmap for social enterprise and impact investors and an $80 million Social Entrepreneurs Fund.
 Projects
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A $70 million planned overhaul is underway at coal-fired Tarong North Power Station, which still provides a fifth of Queensland’s energy needs. Expected to run until early July, the project will create an extra 500 short-term specialised contractor roles on site.
“Each unit undergoes a major overhaul every four years to keep them running optimally year-round. An overhaul is a big job and typically takes 12 months to plan before it even starts. Once the work kicks off it involves extensive inspection, maintenance, refurbishment and replacement of plant and equipment.” — Stanwell General Manager Southern Generation Mick Joy
Meanwhile Central Queensland’s Banana Shire is gearing up for a $40 billion renewable energy project pipeline.
“This is about more than just clean energy. It's about long-term benefits for our local economy, our workforce, and our towns.” — Mayor Nev Ferrier
Policy
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Analysts Wood Mackenzie warned Australia would not meet its renewable energy target of 82% by 2030, forecasting it would instead be 58% by the end of the decade. It said the government needed to “overcome roadblocks in grid connection and planning processes, ensure a smooth transition and meet planned coal plant closure timeframes”. (Reuters)
The US House Energy and Commerce Committee approved rollbacks for Biden-era energy programs in an omnibus bill that includes a “pay-to-play” scheme for fossil fuel developers to pay a fee to have their projects deemed in the public interest. (Politico)
Regulation
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The ‘loyalty tax’ energy consumers pay for not shopping around is in the sights of Victoria’s Essential Services Commission. The regulator proposed a series of rule changes to the Energy Retail Code of Practice including one that would require energy retailers to move customers that have been on the same plan for 4 years onto a more reasonable rate. The ESC also wants to see consumers receiving assistance under the Payment Difficulty Framework or in arrears for at least three months and with arrears above $1,000 moved onto the cheapest plan.
The Australian Energy Regulator proposed to increase the minimum disconnection amount to $500 in a draft decision after a review of payment difficulty protections found room for improvement for electricity and gas retailers.
TasNetworks says many recommendations are already being implemented, after an inquiry found they weren’t equipped to handle a 2024 storm event. (ABC)
New Zealand’s Cabinet approved energy security regulations that give fuel companies until November 1, 2026, to increase the jet fuel they hold at or near the Auckland Airport to safeguard the economy against unexpected fuel supply disruptions.
“Fuel companies have allowed jet fuel cover to fall below the (2019) inquiry’s recommended resilience target of 10 days’ cover at 80 per cent operations, leaving New Zealand susceptible to the impacts of an unexpected fuel supply disruption. The regulations provide the extra impetus fuel companies need to avoid any further delay for investing in additional fuel storage.” — New Zealand Associate Energy Minister
Shane Jones
Technology
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US officials are investigating after "rogue communication devices" were found in Chinese-made solar inverters. (Reuters)
One of the smallest local government organisations in Australia is one of the first councils to install off-grid public solar street lighting in a new residential development. Solar lighting technology company Leadsun and Murrumbidgee Council in the Riverina region of NSW installed the technology throughout the new River Red Gum Estate.
“Not only do these lights utilise renewable solar energy, but their design eliminates the need for traditional in-ground cabling, which reduces both installation costs and environmental impact. Additionally, the built-in motion sensors allow the lights to adjust intelligently to movement, optimising energy use while maintaining safety and visibility for the estate.” — Mayor Ruth McRae
Climate
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Microsoft signed a deal with carbon credit management firm Rubicon Carbon that it said was one of the largest-ever commitments by a single corporate buyer in the voluntary carbon market to date. The deal is expected to finance the extraction of 18 million tons of carbon dioxide from the atmosphere via tree planting and land restoration.
A study from the LobbyMap platform found a profound shift in corporate attitudes toward climate policy among businesses in the European Union. The findings challenge narratives promoted by certain industry associations and contrast with recent political and economic developments that may appear to deprioritise the climate agenda. The EU’s ability to fulfil its climate commitments is expected to depend on the impact of corporate advocacy on the EU Carbon Border Adjustment Mechanism revision, sectoral decarbonisation, and energy sector policies for electricity and gas in the Affordable Energy Action Plan.
People
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The Greens elected Senator for Queensland Larissa Waters as leader in an uncontested ballot.
“The Greens will be firm but constructive in our approach with the Labor government, and work for outcomes that help improve peoples’ lives and protect nature and the climate.
“I thank my party room colleagues for their unanimous support today, and I also want to pay tribute to Adam Bandt for his leadership and dedication to our movement over the last 15 years.” — Australian Greens Leader Larissa Waters
Quinbrook Infrastructure Partners announced the expansion of its Relationships and Fundraising Team with new senior appointments: Ryan Gordon joins Quinbrook after 18 years with QIC, while Jonathan Borland joins from DWS Infrastructure. Gordon succeeds Rob Kerr, currently Quinbrook’s Managing Director, Head of Capital Formation and Investor Engagement, APAC, who will leave the firm at the end of July.
Research
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A ‘semi-regulated’ policy framework designed to reduce the financing burden on capital-intensive, ultra-long-lived assets like pumped hydro could cut carrying costs by nearly 40% and help to deliver lower power prices, according to new research by Griffith University Professor Paul Simshauser and PhD candidate Nicholas Ghodes.
China’s clean power generation growth has for the first time been behind a fall in the nation’s CO2 emissions levels, according to new analysis from Carbon Brief. Looking at official figures and commercial data, it found electricity supply from new wind, solar and nuclear capacity was enough to cut coal-power output even as demand surged, whereas previous falls were due to weak growth.
Random
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Exclusion lists driven by facial recognition, opaque security contractors, invasive physical searches, out-of-the-way locations, and guards who follow shareholders to the toilet - this is the new reality of attending AGMs of major London-listed fossil fuel companies, writes leading shareholder activist Brynn O’Brien.
