Frydensolar capitulates as gas crisis to deepen

Yes, we are run by idiots:

Federal Energy Minister Josh Frydenberg has backed the development of solar thermal technology in Australia despite warnings it might not be commercially viable until 2040.

The Turnbull government has promised to fast track the tender process for the country’s first solar thermal project in Port Augusta and commit $110 million in concessional loans after a deal was struck with Independent SA Senator Nick Xenophon in exchange for supporting the Coalition’s tax cuts in the Senate.

But the Australian Renewable Energy Agency has previously warned solar thermal projects were more expensive than other forms of renewable energy and may not be ready for wide-spread use for another 20 years.

Solar thermal, or concentrated solar power, involves using large mirrors or lenses to concentrate a large area of sunlight into a smaller area to generate solar power.

But, but, but…where’s the concessional loan to coal!?!

Solar thermal is not overly cheap:

How about we just have a carbon price and let the market sort it out instead of raining pork where Mr Frydencoalgasolar feels like it?

Meanwhile, some more gas crisis material today:

Fereidun Fesharaki, chairman of respected consultancy FGE, said Queensland’s LNG producers and customers would benefit from reducing exports, which would provide more gas for domestic buyers.

…”Everybody is losing money. The losses may escalate next year. I don’t think anybody complains if you reduce the supply volume,” Dr Fesharaki said in an interview, adding that probably only the bankers behind the multibillion-dollar LNG projects in Queensland were standing in the way of deals to rein in output.

FGE is forecasting that the Asian benchmark LNG price on the spot market will slide from about $US5.30 per million British thermal units – just above $7 a gigajoule – at present to the $US4-$US4.50 range by the first quarter of 2018 as more new production units start up.

…”Radical solutions for radical mistakes,” he said. “There is not enough gas. If there were only one or two [Queensland LNG] projects built it would be OK.”