RNF: Smelter gets $2.5 billion bail-out
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New South Wales and the Commonwealth Government have agreed to provide a $2.5 billion bail out for the Tomago Aluminium Smelter over ten years. The smelter consumes around 10 per cent of power supplies in New South Wales, and had been facing closure due to rising energy costs.
New South Wales and the Commonwealth Government have agreed to provide a $2.5 billion bail out for the Tomago Aluminium Smelter over ten years.
The smelter consumes around 10 per cent of power supplies in New South Wales, and had been facing closure due to rising energy costs.
Energy Minister Chris Bowen says the bail out will support new renewable generation, and enhance the security of the state's grid.
Tomago Aluminium has agreed to invest an additional $1.1 billion.
