The cancellation of 13.7GW of Indian coal power projects in May 2017, coupled with a record low solar tariff of 2.44 Rupees/Unit (0.038USD/kWh), are the strongest indications yet that an energy transformation in India is gaining rapid momentum with the endorsement of global capital markets.
India overnight finalised a new SECI auction at the Bhadla solar park in Rajasthan with the award of a power tariff at a record low Rs2.62/kWh (US$40/MWh), 12% below the previous record low Rewa solar tariff awarded only just three months ago. This is a very significant milestone in India’s commitment to energy security and increased diversity of mostly domestic sourcing of new generation capacity.
Long-term institutional investors representing more than USD 15 Trillion in assets have written to G7 heads of state urging governments to stand by their commitments to the Paris Agreement at their upcoming Summit in Taormina, Italy on May 25-6.
Monday, May 8, 2017: Clergy are among a faith contingent joining a peaceful protest today outside the Commonwealth Bank’s headquarters. People from Presbyterian, Catholic, Buddhist and Uniting Church backgrounds are first celebrating outside of Westpac’s headquarters, their recent decision to rule out finance for Adani’s coalmine in the Galilee Basin. They are then marching over to Darling Harbour to challenge CommBank to do the same.
2nd May, 2017:The Institute for Energy Economics and Financial Analysis (IEEFA) has lodged a submission with the Northern Territory (NT), a Territory in Northern Australia, to the ‘Fracking Inquiry’ that shows the persistent international glut in cheap gas, coupled with the high price of extracting NT shale gas, will render the shale gas industry ultimately unviable in the Territory.
Tuesday 25 April: Mounting debt in the Adani group has rendered its Carmichael mine proposal a financial house of cards, according to ‘Adani’s Remote Prospects,’ a new report from the Institute for Energy Economics and Financial Analysis (IEEFA).
Tuesday March 21, 2017: Contrary to predictions from Japan’s Ministry of Economy, Trade and Industry (METI) lower electricity demand and increased renewable capacity will see Japanese thermal power generation decline to 40% below 2015 levels by 2030, according to a new report published today by the Institute for Energy Economics and Financial Analysis (IEEFA).
Thursday, 16 March, Ahmedabad/Sydney: Amid mounting scientific and public evidence of the impacts the Carmichael project will have, a high profile delegation of Australian citizens today delivered an open letter to Gautam Adani, calling on him to drop his controversial Australian coal project and to invest in solar instead. The community delegation is in India at the same time as a group of Australian politicians visit Adani to promote the project. Letter and names here.
Tuesday, March 14: Repower Port Augusta has welcomed the South Australian Government’s new $150 million dollar next generation renewable energy fund but is disappointed the plan includes even more multi-million dollar taxpayer funded handouts for gas extraction.
The State Government is expected to announce its power purchase for a new generator to be built in South Australia by June which is critical for solar thermal to be built in Port Augusta.
“All eyes will now be on the South Australian Government’s power purchase which is due in June which will be the key to unlocking a large solar thermal plant with storage in Port Augusta, the South Australian Government just must get this done, and they know that,” said Dan Spencer campaigner with Repower Port Augusta.