Plans for gas power plant dropped in Australia

A drop in wholesale energy price demand in Australia has seen plans for a A$1.3bn gas-fired power plant being postponed.

TRUenergy has had to shelve the plans, which had been intended to replace two brown coal power plants at Yallourn in Victoria.

The company says a combination of higher east-coast gas prices beyond 2015 and lower expected carbon prices make gas-fired power less economically viable than coal.

The Australian reports that the company’s head of markets, Mark Collette, said a new power station may not be needed until much later this decade. "We are seeing further deterioration in the energy market and wholesale prices, and we don't expect conditions to improve in the foreseeable future," he said.

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