Summaries - Australian Financial Review
Friday 3/7/2009 Page: 1
The Federal Government has asked Morgan Stanley to examine claims by the Energy Supply Association of Australia that the proposed emissions trading scheme could cause electricity generators financial distress and create disruptions to the national energy market.
The investment bank will study power stations such as International Power's Hazelwood, TRUEnergy's Yallourn, Babcock and Brown Power's Flinders and the Intergen-supported Millmerran and Callide C. Coal-fired generators have already held talks with the Australian Securities and Investments Commission on concerns that they could breach licensing requirements following the introduction of an ETS.
A source at one major generator complaining 'we are being treated like polluters and terrorists,' while others have described the approach to the issue by the Minister for Climate Change, Penny Wong, as 'ideological.' The new study follows research commissioned by the industry from KPMG and Ernst & Young, which found asset write-downs would reach into multiple billions.
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