When we are not talking about energy saving ideas and renewable energy probably should start fortune telling.
In 2018, we mentioned the folly of the state government going after the company that owned Bass Link as it was obvious the entity Kepler Infrastructure Fund had been separated from the main group of companies that owned Bass Link. One of those was the Singaporean Sovereign Wealth Fund which is basically the Singapore Government. The Kepler Infrastructure had basically been reduced to a shell company to pass funds through.
Think of an octopus with its eight legs. Kepler was one of those legs and just like an octopus’s ability to sacrifice a limb to a predator so it can get away and grow back again. Kepler is now being discarded and liquidated as the state government through court action went after them to save face from a disaster of their own making.
So the Kepler were up for $70 million and they’ve decided to pull up stumps and liquidate their assets and not pay anything.
The official word is that everything is fine and there is nothing to see here but the back channel chatter is there are some very worried people at Hydro.
Sort of confirmed the statement of Malcolm Eccles the CEO of Bass Link Group making a note of Hydro Tas’s storage level at 52% which is well above the high reliability level. Which begs the question if Bass Link is still going to be available to us what the sudden interest in the dam levels.
The hidden subtext to me is don’t worry if we do have to turn bass link off the dams have good storage levels.
We might not be cursing this wet spring and impending wet summer if our extension cord to the mainland is unplugged.
For those that don’t remember, in December 2015 to June 2016 Bass Link went down after Hydro with the general opinion under direction of the state’s energy minister at the time, to flog our water reserves to capitalise on the repeal of the carbon tax being hung up in the Federal senate. Hydro were raking in the cash hand over fist and were running the cable at full capacity which overheated the cable and caused multiple blowouts.
They were warned it was a dry year with minimal chance of rain and the water reserves were very low but the thought was we could buy power back from Bass link once the carbon tax was repealed. But the cable broke and the gas backup generator was being dismantled and sold off and the dams were empty.
Tassie nearly ground to a halt as the 6 months wound by with no Bass Link and Hydro had to spend $64 million dollars on hiring and installing diesel generators in a desperate attempt to just keep the lights on. Another $47 million on gas for the Tamar Valley Gas Power Station.
I don’t think people realised how dicey things were.
and here we are again.
Bass Link turning off puts renewable energy projects at risk as it’s our lifeline to selling our energy into the eastern seaboard of Australia. At 600 MW it’s not big enough now and is proving to be a bottleneck to the investment in the state. It’s possibility of removal will only further jeopardise our lofty dreams of being the battery for the nation. It could also undo the good work adding the wind farms has done for lowering our power prices across the state. Rising power prices is the last thing we need during this time of burgeoning hyper inflation and flat wage growth in some industry sectors. Plus lets home the rains don’t stop coming in as I think we might need every drop in the dams.
So watch this space as once again our energy security is under threat again from poor management and decisions.
It only drives home the point that true energy security is only what we can organise for ourselves. Paying our power bills is our burden and DMS Energy’s core role is lessening that stress from your shoulders.
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