The Australian government is considering amending legislation to allow the Clean Energy Finance Corporation (CEFC) to invest in new "high-energy, low emission" (HELE) coal-fired power plants and improve power supply security.
The Clean Energy Finance Corporation (CEFC) was set up in August 2016 as a state-owned Green Bank to facilitate increased flows of finance into the clean energy sector. It aims to boost investments in technologies reducing emissions by more than 50% compared to the national electricity market average, which excludes HELE coal-fired projects. The government is now considering removing this 50% restriction to support the construction of HELE plants. However, the private sector doesn't seem interested in investing in the plants.
Australia expects renewables to cover 23.5% of its energy mix by 2020. Nearly all states have set up more ambitious targets for their power sector. South Australia is currently experiencing a historical heat wave and southern states, which are reliant on wind and solar power, have suffered a major power outage after heavy winds hit an interstate power line, cutting power supply.
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