Answer:
Despite what the law firm bringing the class action has said publicly to its class action members, this case will not be resolved in the short term. The law firm has acknowledged it’s likely this will take between 12 months and five years to resolve.
Answer:
As demand grows for new, cleaner sources of energy generation, we are focused on diversifying our business and adapting to the changing energy landscape.
A key part of our approach is to investigate how we can make our generating units operate more flexibly in response to the intermittency of renewables.
Plant flexibility refers to the capability of a power plant, like CS Energy’s Callide Power Station, to ramp its output up or down as demand changes and to operate at lower loads for longer.
For example, recently we’ve seen a significant reduction in electricity demand during the middle of the day as more solar enters the grid. However, this demand rises rapidly in the evening once solar is no longer available and demand for baseload thermal generation increases.
Historically, CS Energy’s portfolio has been mainly baseload thermal generation, so improving flexibility is crucial to our commercial sustainability. Operating more flexibly is also crucial for our power stations to keep the lights on as the grid transitions to more renewables.
CS Energy’s priority is to make our plants available in the morning and evening peak demand periods – when the market needs them most.
Learn more here: https://www.csenergy.com.au/news/plant-modifications-improve-power-station-flexibility
Answer:
CS Energy has partnered with IHI Corporation Japan to assess the feasibility of establishing a renewable hydrogen demonstration plant next to CS Energy’s Kogan Creek Power Station.
Queensland has been recognised as an ideal location for renewable hydrogen projects.
Hydrogen is the most common chemical in the world. It can be produced in liquid or gas form and can be used as:
When it’s produced using renewable energy or processes, hydrogen can become a method of storing renewable energy and using it later as needed. When produced this way it’s also classified as an emissions-free fuel.
In Australia, like the rest of the world, hydrogen is commonly used as a raw material for industrial processes.
Hydrogen has an important role to play in the future of Australia’s energy production and CS Energy is committed to this project to ensure that we have the experience and technical capability is established once the hydrogen market becomes more viable.
Learn more about CS Energy’s Partnership with IHI Corporation Japan, here: https://www.csenergy.com.au/news/queensland-collaborates-with-japan-on-green-hydrogen-plant
Answer:
We are extremely disappointed and concerned by the class action.
Firstly, we are particularly concerned about some of the promises being made to vulnerable Queensland families by a corporate-backed class action in what has been a tough year for many. We’re a Queensland-based company so we live and work in Queensland communities. They’re important to us, to our employees who live there and our families.
Secondly, as a Queensland-owned company, it’s concerning that the benefits we return to the Queensland community through the profits we make could potentially be affected by the class action – our profits are put back into the community via government programs and services.
Answer:
Litigation funders are investment firms that finance legal claims.
During last year’s federal parliamentary inquiry into litigation funding and class actions, concerns were raised about the level of funding commissions litigation funders in Australia were paid.
The impact of this has been increasing costs of insurance for businesses and their directors, which puts at risk the ability of businesses to provide jobs and opportunities for Australians.
Answer:
Law firm Piper Alderman is driving the action with the funding from a corporate backer called Litigation Capital Management. One Big Switch is also involved in the class action.
Answer:
Claims have been made by a law firm and its corporate backers about bidding behaviour in the National Electricity Market, which are completely unfounded.
Wholesale electricity prices are influenced by a wide range of factors, including coal and gas prices, weather conditions, water shortages and power disruptions.
We do and have always operated responsibly and in line with market rules, and we take our compliance obligations very seriously.
Answer: All electricity sales are done through the NEM. It is a wholesale market so prices change in response to supply and demand.
For example, prices can be affected when the weather is hotter and more people are using air conditioners when there is a disruption to normal supply, such as a generator or transmission line isn’t working, or other factors like a water shortage.
Answer: Generators put in offers to supply the market with an amount of electricity at a certain price for a specific time period.
The Australian Energy Market Operator considers the offers and decides which generators will be used to produce electricity, with the cheapest generator put into operation first.
This process is designed to meet everyone’s electricity demands in the most cost-efficient way.
Answer: Queenslanders have had the lowest average wholesale energy prices in the National Electricity Market for the past three years (FY18, FY19 and FY20).
Queensland’s average wholesale electricity prices were also the most stable in the NEM for the past three years.
