In another indication of the sorry state of climate politics in this country - the dirtiest power plant in the industrialized world run at near capacity last year boosting profits for British Multi-national - International Power - by 40%. They made $387 million from belching carbon into the atmosphere. The Victorian Government increased Hazelwood's life from its scheduled shut down in 2009 until 2031. Why would the private operators shut up shop when they are carrying off hundreds of millions of dollars in annual profits. It appears that a serious campaign of non-violent civil disobedience will be needed to make the Government act to shut this sucker down. 23 people were arrested at Hazelwood in September last year and more actions against the station and its owners throughout 2010.
SHUT DOWN HAZELWOOD.
Hazelwood powers a 40% profit surge
CLANCY YEATES
March 16, 2010
http://www.theage.com.au/business/hazelwood-powers-a-40-profit-surge-201...
HAZELWOOD power station, the most carbon-intensive plant in the developed world, has helped deliver a bumper profit to its owner, British-listed International Power.
Profit from the company's Australian business surged 40 per cent to £233 million ($A387 million) in the year to December, up from £167 million in 2008, according to the company's latest accounts.
A key reason for the increase was stronger output from Hazelwood, the brown-coal power station in the Latrobe Valley that supplies a quarter of Victoria's power.
The profit comes shortly before the Senate is due to debate again the federal government's carbon pollution reduction scheme, having twice rejected the bill.
The owners of the most carbon-heavy power stations claim the proposed scheme will force write-downs in what are now highly profitable assets, threatening future investment.
But the owners of power stations are yet to feel any direct pain from planned cuts to carbon.
The 1675-megawatt Hazelwood plant ran at close to capacity last year compared with 2008, according to the company's results. International Power said its electricity fetched $45 a megawatt hour, compared with $43 in 2008.
A weaker British pound also lifted revenue, the company said. Australian profit rose 27 per cent in constant currency terms.
Hazelwood has been named the most carbon-intensive power plant of the 30 wealthy countries of the Organisation for Economic Co-operation and Development by the World Wildlife Fund.
According to the environmental group, Hazelwood releases 1.58 million tonnes of carbon dioxide per terawatt hour, the most intensive of the biggest coal-fired plants.
The federal government last year more than doubled help to power plant owners, but International Power said the support would cover only a third of the $10 billion loss to the generation sector. The company has proposed shutting down high-polluting stations such as Hazelwood in return for more generous compensation.
International Power owns 70 per cent of the Latrobe Valley Loy Yang B power station and several gas-fired stations in South Australia and Western Australia.
Hong Kong-listed TRUenergy posted a 22 per cent rise in earnings from its Australian power stations last year, to $HK736 million ($105.7 million).