News Wrap

IN THIS morning’s News Wrap: Gas prices force switch to coal for power stations; Rinehart unaware of company's gift to Labor; and not much in the quality of Australia’s resource sector, says Investors Mutual.

Lou Caruana

Gas prices force switch to coal for power stations

Queensland’s largest power generator will today declare that Australia is one of the world's most expensive countries for energy - and warn that the electricity market is being distorted by the carbon tax, mandatory renewables target and solar-rooftop subsidies, according to The Australian.

After Stanwell took the extraordinary step yesterday of announcing it would mothball its biggest gas-fired power station and resurrect a coal facility built in the 1980s - sparking predictions that gas-fired power plants would be withdrawn in other states - it would today call for a scaling back of the renewable energy target.

Rinehart unaware of company's gift to Labor

A coal mining company backed by Gina Rinehart has moved to distance the billionaire from a $55,000 donation it made to the Labor Party, saying she had never been made aware of the payment, according to The Australian.

It was revealed this week that Hancock Coal, of which Mrs Rinehart is a non-executive director, made the donation to the ALP in 2012.

Not much in the quality of Australia’s resource sector, says Investors Mutual

Fund manager Investors Mutual has bemoaned the quality of companies making up Australia’s resources sector, declaring “there is not much” outside of BHP Billiton and Woodside Petroleum in a provocative new report, according to The Australian.

Most read Archive

topics

loader

Most read Archive