Remember the dread of the bill that you forgot to pay? Just think how much worse it would be if you had to pay the clean-up bills for a massive brown coal power station.
But that’s exactly what could happen to you. With the Hazelwood power station and mine closing in March this year, the rehabilitation cost is estimated to be almost $750 million - six times the estimation in 2015.
Despite the evidence of massive rehabilitation costs, AGL is estimating that cleaning up their Loy Yang power station will cost only $112 million. And making matters even worse - they’ve paid a clean up bond of only $15 million. These laughably low estimates mean you could get left holding the bill - so AGL needs to make a more realistic estimate.
AGL’s $15 million bond is less than 15% of their own estimate of rehabilitation costs. And, going by the experience with Hazelwood, AGL’s estimate is likely to be laughably low.
This means AGL has a massive incentive to just walk away, forfeit their bond, and leave the Government and the taxpayer to clean up the mess.
But only if we let them. The first step is to make sure that they update their own estimate based upon real evidence.
Thanks for your support - with your help, we can hold the owners of these plants accountable for the damage they’re causing.
More information
ABC. 14 April 2016.
ABC. 20 January 2017.