The Eraring bill will max out at $450 million. It’ll be much worse if the lights go out

Premier Chris Minns has struck a deal with Origin Energy that is far more palatable than most expected. But it is not without risk.

NSW Environment and Energy Minister Penny Sharpe and NSW Treasurer Daniel Mookhey at Thursday’s press conference.Kean, who is against keeping Eraring open, says those costs were provided to him when the Coalition was in government and were a major factor in his decision to plough ahead with renewables.

Under the agreement, the NSW government will not make any upfront payment to Origin. Instead, it will enter into a two-year “risk-sharing” arrangement. Origin Energy’s coal-fired power station Eraring is the largest in Australia. It will now stay open until August 2027.Worst-case scenario, NSW taxpayers will be up for $450 million over two years. The government has repeatedly said this is about keeping the lights on. In perfect timing, the national energy market operator this week warned of supply issues because of delays in transmission projects.

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