NSW’s AAA rating at risk as energy transition stalls

A stalling renewable energy transition could put NSW’s remaining two AAA credit ratings at risk, warn analysts who say costly interventions such as a plan to keep theAs NSW Treasurer Daniel Mookhey prepares to hand down his first budget on Tuesday, ratings analysts say the Minns government’s energy policy, investments in the renewables pipeline and theThe NSW government says it will talk to Origin about keeping the Eraring power station open longer.

The NSW government said last week it would begin talks with owner Origin Energy about keeping Eraring open longer, after a report found energy prices could spike and supply would be more unreliable if it is switched off before a lot more renewables come online.

“NSW already has a large capital works program and so if [new energy investment] is within that envelope it would be neutral to the credit rating,” Mr Walker said. Analysts are also grappling with the prospective impact of the NSW government’s decision to scrap a public sector wage cap in favour of individual agreements, with public sector wages making up just under 50 per cent of the government’s total operating expenses.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Energy key to NSW keeping its AAA ratingEnergy policy and new government-led investments in the state’s energy infrastructure could make-or-break it’s two AAA credit ratings, analysts say.
Source: FinancialReview - 🏆 2. / 90 Read more »

Malaysia’s Gentari aims to operate up to 8GW of renewable energy in Australia by 2030The clean energy unit of oil and gas giant Petronas made its first foray in February and is now planning more solar, wind and storage
Source: GuardianAus - 🏆 1. / 98 Read more »

Viva Energy pumped as market bets on big blockAustralian fuel bigwig Viva Energy is in the middle of a transformative year and was winning the market’s trust. On Tuesday, it was paying for the supposed sins of its parent.
Source: FinancialReview - 🏆 2. / 90 Read more »

Vitol presses play on $700m Viva Energy selldown; BoA nabs roleIt’s happening!
Source: FinancialReview - 🏆 2. / 90 Read more »

There are lower-risk ways to keep the energy transition movingThe switch from carbon can’t be put off, but Australia’s construction industry is not ready for it. There is a surprising ray of hope from Dan Andrews’ Victoria.
Source: FinancialReview - 🏆 2. / 90 Read more »

Vitol confirms 16pc sale of Viva Energy, calms rattled marketShares in Viva have collapsed nearly 10 per cent, compelling the Dutch giant to insist it backs Viva’s management, with no plans for a further sell-down.
Source: FinancialReview - 🏆 2. / 90 Read more »