On the Hunt for the missing $millions

STT has heard that the greentards in charge of the ARENA fund and the Clean Energy Finance Corporation have been shoveling millions of dollars out the door to their wind industry mates, as fast as they can over the last few weeks. The plan is to fund as many wind farm proposals as possible before the Coalition can sack the lot of them and recover the loot being ladled out like yesterday’s chicken noodle soup at a school boarding house kitchen.

soup kitchen

Hunt flags ARENA changes, will not honour CEFC contracts
Climate Spectator
24 May 2013

Greg Hunt, the Coalition’s Climate Action shadow minister, stated at a solar conference today that the Coalition would be making announcements surrounding the Australian Renewable Energy Agency’s (ARENA) ongoing arrangements in the lead up to the election. In addition he re-confirmed that the Coalition would seek to back-out of any contracts the Clean Energy Finance Corporation (CEFC) might enter into prior to the election.

ARENA’s funding at present is explicitly specified via dedicated legislation. In addition this legislation specifies that any unspent funds are rolled over into subsequent years. This is intended to provide ARENA with a degree of independence from government’s annual budget deliberations, although in the recent May budget $370m was deferred to later years.

In addition the ARENA legislation sets out that the organisation is governed by its own board of directors who set the direction on how ARENA allocates funding to renewable energy projects and research.

The Coalition supported the passage of the ARENA legislation, so the fact that they might wish to make an election announcement about ARENA suggests changes might be under consideration. When Hunt was asked what this announcement might contain he said he couldn’t comment as it was a policy matter for Shadow Energy Minister, Ian Macfarlane. In addition he wasn’t willing to confirm or deny that there might be changes to funding arrangements for ARENA.

Hunt also restated that the Coalition would seek to withdraw any funding committed to by the Clean Energy Finance Corporation unless the allocated funds had already been spent by the project proponent.

CEFC CEO Oliver Yates was subsequently asked whether he could provide any reassurance to project proponents that any funding they might procure from the CEFC would be secure. His view is that governments in Australia have always been highly reluctant to break contracts that highten perceptions of sovereign risk and undermine investor confidence. In addition, just like any other commercial arrangement in Australia, there is a clear legal path for compensation where one party breaches a contract.
Climate Spectator

“Sovereign risk” is that old chestnut trotted out as the last line in a corporate scoundrel’s defence. What the Clean Energy Finance Corporation operative meant to say is that he and his mates are wallowing in such a fat pile of other peoples’ cash that it would be a shame to bring the party to an end.

Remember, this is your money that they are playing with. And, at some point in the future, you as taxpayers will have to pay it all back – every last cent of it, and with interest on top, because it’s all borrowed.

other peoples money

“What? You think I’d mindlessly squander my own money? Get real!”

But I guess you can feel some consolation in the fact that your money is being directed to “worthy causes”: you know, the developers and turbine manufacturers from Thailand, Spain, Germany, Denmark, India and China.

Ari's slumber party 167

“Is it really over, Greg? But we were having so much fun!”

Come on Greg, stop pussyfooting around. There’s no time like the present to make it plain that the party is over. So go on, tell them that the raspberry cordial and lamingtons have run out and send them packing.

Kill the RET and the REC.  Wind up the “Green” slush funds.  Let them bleed some other suckers dry. Australia has enough to worry about without letting a bunch of foreign crooks and corporate low-lifes make off with our hard earned $billions.

See you at the Rally, June 18, Parliament House, Canberra.

About stopthesethings

We are a group of citizens concerned about the rapid spread of industrial wind power generation installations across Australia.

Comments

  1. Jim Hutson says:

    I just love it. Read very carefully where it says above “There is a clear legal path for compensation where one party breaches a Contract. Now flip this over to our side, all the breaches this lousy mob have carried out with Government approval and assistance, to screw us over. Can’t bloody wait for Judgement day.

  2. Get the gallows resurrected and be ready for business after SEPTEMBER 14, & fetch NED back to life, as he was a gentleman compared to the wind mob. The wind mob should be hung for what they have done to people’s lives with these useless industrial wind turbines.

  3. Typical
    Today’s nice people.
    Smile to your face and stab you in the back.

Trackbacks

  1. […] projects that legitimate financial institutions wouldn’t touch with a barge pole.  See our posts here and here and […]

  2. […] Our favourite whipping boys, Infigen –along with Pac Hydro, Union Fenosa and a band of similarly scurrilous scammers had all formed a disorderly queue outside the Clean Energy Finance Corporation (CEFC) ready to pocket a fat pile of cash – OUR CASH – that is, from their mates at the CEFC. […]

  3. […] which the Coalition is about to take to with an axe.  Fair play to Tony – it was, after all, BORROWED money underwritten by Australian […]

  4. […] content with throwing a mere $10 billion of our hard earned cash at Spanish wind outlaws like Acciona and Union Fenosa, Milne wants to throw another $20 […]

  5. […] Always ahead of the hack-pack, STT beat The Australian to the story of how the CEFC and ARENA fund are shovelling out $millions to their wind farm operator mates in our post last Friday, “On the Hunt for the missing $millions”. […]

  6. […] week, Hunt warned a conservative government planned changes to grants for renewable projects and that it would look to back out of contracts […]

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