Profile picture
, 8 tweets, 3 min read
My Authors
Read all threads
CEFC changes today: government wants to take an organisation that is making a profit for the public by investing inrenewables and energy efficiency, and remodel it so it makes loss by funding fossil fuels. Cool and normal! parlinfo.aph.gov.au/parlInfo/downl…
Cool
and
NORMAL!
The term 'low-emission energy system' is not defined anywhere in the bill, nor is 'supports' in this context, but whatever, the CEFC can get a go at having a go on that one.
The change in investment function (seems to me) applies not just to the $1bn in new funding, but to all CEFC money, and allows govt to steer it through regs and the investment mandate.
The changes are supposedly about getting CEFC to implement UNGI (Underwriting New Generation Investment program). That 'program' is a shamozzle with no program guidelines or clear process or legal basis - until now?

here's one we prepared earlier. tai.org.au/content/proble…
Meanwhile, this is what the head of the CEFC told the senate earlier this year: UNGI has nothing to do with them, and they were looking at Grid Reliability investments even before the Grid Reliability Fund.

Clear?

parlinfo.aph.gov.au/parlInfo/downl…
Missing some Tweet in this thread? You can try to force a refresh.

Keep Current with Tom Swann

Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

More from @Tom_Swann see all

Profile picture
Tom Swann
@Tom_Swann
Australian LNG industry is absolutely cooked right now.

A rolling thread
(June) One in three tankers loaded with cargoes of Australian liquefied natural gas last month is either anchored at sea or taking a longer-than-usual journey to its destination as coronavirus prompts more buyers to delay deliveries.

smh.com.au/business/the-e…
(July) Crucial pressure vessels that Chevron was to install on its $US54 billion Gorgon LNG plant have thousands of dangerous cracks and a solution may cut production for months.

boilingcold.com.au/cracks-at-chev…
Read 7 tweets
Profile picture
Tom Swann
@Tom_Swann
Should be no secret to people in finance, but probably is to the rest of the country.

👉Fossil fuels were the /worst/ performing share market sector over the last decade.👈

If you invested in fossil fuels, you probably lost a lot of money.

New report: tai.org.au/sites/default/…
Fossil fuels performed worse than all other sectors both pre and post crash. Even before the COVID crash, investments in the ASX 300 Energy index would have sent you backwards over the decade, not even including inflation.
If you simply took the Energy sector out of the ASX 300, you would have got significantly higher returns over the decade.
Read 12 tweets
Profile picture
Tom Swann
@Tom_Swann
After a no show the first time around, Chair of the National COVID19 Coordination Commission Neville Power now answering questions from the Senate COVID Commission.

Thread is live tweeting.
COVID Commission spent first five weeks solving problems, now is "working with industry" to develop COVID safe plans and strategic planning for recovery.
Mr Power reiterates his view that we should extract more gas.
Read 84 tweets

Embed code for your website

×
Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!