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SA solar overload sparks huge power discounts – The Australian Financial Review

The flood of rooftop solar installations could lead to electricity companies offering households price cuts of as much as 75 per cent during mid-day.

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He said substantial savings would be available for customers who were able to shift their usage into the middle of the day, or who could add a battery to soak up and save cheap power during the solar peak.
SAPN introduced its “solar sponge” tariff on July 1 to combat the high levels of generation from rooftop solar panels in its low-voltage network. It allows households with smart meters to access a “super” off-peak tariff of about a quarter of the standard rate between 10am and 3pm when the power being pumped out by rooftop panels is so high that it can exceed demand in parts of the local grid.
IO estimates that a new customer on its “solar sponge” rates will get prices about 75 per cent lower than typical flat rates and 50 per cent lower than “time of use” rates offered by other retailers that reflect the fall in the SAPN network tariffs but not the lower wholesale costs.
However, customers on the full-blown “time of use” plan will also pay an extra charge during the evening peak-demand period, meaning it is suitable only for those who can shift the bulk of their usage whether pool pumps, batteries, electric vehicles or dishwashers and other appliances to the part of the day when it’s cheaper.
Mr Morris also expects the home battery market to be supercharged by IO’s retail offers as households are incentivised to add storage to access the midday tariffs.
Access to dynamic retail pricing that changes during the day is, however, limited to customers with a smart meter, which is about 20 per cent of South Australian households at present, although the number is growing as meters are replaced.
The issues arising with the sharp rise in rooftop solar generation in South Australia have been a concern for the Australian Energy Market Operator, which is moving to take more control of the system by securing the power to cut off rooftop panels if necessary during rare situations when the grid needs to be kept secure.
AEMO said in a report last month that to its knowledge, South Australia was the first gigawatt-scale power system in the world to approach zero operational demand during the day, because of high generation from distributed resources such as rooftop solar.
Australian Energy Regulator chair Clare Savage said in a recent interview that tariff reforms were a critical part of the plan to manage the growing issue of minimum demand on parts of the grid, which is why the regulator had approved of the SAPN “solar sponge” tariff.
The still-growing popularity of rooftop solar one in every three households in the state has panels meant the hollowing out of daytime wholesale prices often into negative territory was happening faster than predicted, Mr Morris noted.
IO Energy, which will team up with a licensed electricity retailer to launch its offers on August 1, expects to lure customers away from the main providers. The top six hold a dominant 95 per cent of South Australia’s household market.

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Insolvency Statistics and the Flood of Insolvencies to come

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Insolvency Statistics and the Flood of Insolvencies to come

Insolvency industry watcher Peter Gosnell is reminded that the first sign of an impending tsunami is evidenced by the waterline receding. He was reacting to data showing a dramatic decline in insolvency administrations – down 55 per cent in June, with just 463 administrations, compared to the prior June at 1,040.  The insolvency analytics report by Tony Sivaa also calculated industry-wide declines of 17 percent for April and 38 per cent for May, year on year, due to the impact of the COVID-19 stimulus packages.

“The numbers for the past three months lay bare the crippling effects on the insolvency sector”, advised Sivaa, who heads Sivaa Consulting, in his latest update. “There has been commentary that with the upcoming influx of insolvency appointments, there are not enough liquidators to do the work. But a significant portion of liquidators this last financial year did less than 10 appointments”, he noted.

The busiest of the 630 liquidators was Worrells, which had 757 files under its supervision – reflecting 8 per cent of market share. Cor Cordis followed with 424 files, followed by SV Partners with 401. Sivaa calculated that the top 20 firms nationally hold more than 50 per cent of all appointments among some 197 firms. NSW was the busiest for appointments with more than 3,250 filings.

Mackay Goodwin principal Domenic Calabretta had the highest number of files under management in 2019-20 with 162, followed by SM Solvency AccountantsBrendan Nixon with 152.

Of the big four professional services, KPMG has the most registered liquidators, having swooped on Ferrier Hodgson. Worrell’s 30 liquidators, which is five less than KPMG, handled the administration of Italian restaurant chain Criniti’s as well as the recent collapse of Gold Coast international phone company Travelsim, which is to be wound up after a creditor vote last week.

Extracted from “Margin Call” column by: Jonathan Chancellor

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Sanjeev Gupta’s GFG Alliance to buy Tasmania’s TEMCO smelter from South32 – ABC News

A troubled manganese alloy smelter in Tasmania’s north has been saved from closure and is set to be sold to an international company headed by British businessman Sanjeev Gupta.

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A troubled manganese alloy smelter in Tasmania’s north has been saved from closure and is set to be sold to an international company headed by British businessman Sanjeev Gupta.
Key points:

  • The TEMCO smelter in Tasmania’s north employs 250 people, whose jobs are now understood to be safe
  • South32 had been weighing up the future of the facility
  • The sale to British businessman Sanjeev Gupta’s GFG Alliance is subject to approval from Australia’s Foreign Investment Review Bo…

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Coroanvirus cases at Victorian Woolworths and Coles supermarkets – 7NEWS.com.au

Shoppers who recently visited the Victorian stores are being urged to monitor for symptoms consistent with COVID-19.

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Three Coles stores and a Woolworths supermarket have confirmed workers have been diagnosed with coronavirus.
One of the Coles stores is near Geelong while the other two are on the outskirts of Melbourne.
The Woolworths store is also located in Melbournes southeast.
Coles on Wednesday confirmed workers at stores in Lalor Plaza, Clyde North and Corio Village had been diagnosed with COVID-19.
The employees last worked on August 7, August 3 and August 9 respectively.
File image of Coles shoppin…

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