November 28, 2024
The State Government has implemented an “Electricity Maintenance Guarantee” which it hopes will put downward pressure on power prices.
The “guarantee” aims to better focus the attention of power station executives on safety and performance as well as provide certainty over maintenance costs.
Executives at the government-owned Stanwell, CS Energy and CleanCo will lose bonuses if they fail to comply with key performance indicators on maintenance, personal safety, process safety and plant performance.
However, the corporations will also be provided with investment certainty to deliver five-year maintenance programs.
A State Government spokesperson said the Electricity Maintenance Guarantee would “ultimately” make Queensland’s power grid more reliable and put downward pressure on power prices.
The $1.4 billion program follows the catastrophic explosion of the C4 generating unit at the Callide C power station three years ago, which led to blackouts across Queensland.
A report into the incident identified “a focus on financial considerations” as one of the key factors leading up to the incident.
It also fingered a failure to manage change by CS Energy as well as a failure to implement effective “process safety” practices.
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