Commenting on reports that Energy Minister Piyush Goyal said India would be forced to keep importing coal, including from the proposed Carmichael mine in Queensland, Tim Buckley, Director of Energy Finance Studies Australasia at IEEFA said:
Some Indian power plants may have been designed to run on foreign coal, but they can no longer afford to do so. This can be seen by the economics of Adani Power’s 4.6GW Mundra import coal-fired power plant and Tata Power’s 4.0GW Mundra plant, both of which are no longer competitive.
Commenting on reports that the Carmichael mine has been given the final go ahead from the Adani’s Indian Parent, Adani Enterprises Ltd Tim Buckley, Director of Energy Finance Studies, Australasia for IEEFA said:
Tim Buckley, Director of Energy Finance Studies, Australasia for Institute of Energy Economics and Financial Analysis: The latest political manoeuvrings by Adani has wedged the Queensland government into conceding a massive taxpayer funded $575m loan in the form of a royalty deal. This is yet another taxpayer subsidy to a foreign billionaire, alongside the Federal Government’s Northern Australia Infrastructure Facility (NAIF)’s $900m. However, after seven years of talking, Adani Enterprises has not demonstrated how it intends to reach a legally binding, fully funded “Financial Close” on the Carmichael proposal.
Press reports that Adani Enterprises has deferred its investment decision on its Carmichael coal proposal due to the Queensland Government having failed to grant yet another subsidy, again shows this project is not commercial and is unbankable without public subsidies.
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.