Waratah Coal's Galilee Power Station: Financial Analysis
Waratah Coal, a company owned by Clive Palmer, is seeking development approval for the new 1,400 MW coal fired Galilee Power Station in central Queensland.
If it goes ahead, electricity from the Galilee Power Station will cost at least $100/MWh. This is likely an underestimate as it would be extremely vulnerable to increased costs from finance, as fewer investors are willing to back risky new coal, and carbon prices over the four decades of its potential operation.
$100/MWh is already 35% higher than 2020-21 prices and is nearly double the cost of electricity from building new renewable energy and storage.
The Galilee Power Station would emit over 230 megatonnes of carbon dioxide and eat up more than 20% of Queensland's carbon budget to meet our Paris Agreement commitments.
Queensland doesn’t need extra energy or capacity from an inflexible, polluting coal fired power station at Alpha. We need investment in clean and cheaper renewable energy and storage for the future.
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