Meridian Energy Australia has said it will not proceed with development of the Burdekin hydropower project in Northern Queensland, blaming 'destabilising revisions' to Australian energy policy sought by the Federal Government.
Meridian had acquired the rights to develop the project that would utilize Australia's largest dam at Burdekin Falls in April 2013. Over the past 18 months,
Meridian has worked with local communities, landowners, local water authority SunWater and the Queensland Government to successfully position this project to deliver significant benefits to the wider Northern Queensland region, said Meridian Energy Australia Chief Executive Ben Burge.
"Meridian understands the disappointment that the people of Northern Queensland will feel on learning of this decision. However, the Federal Government's protracted efforts to reduce the Renewable Energy Target have made long-term capital investments in energy assets in this country nearly impossible.
"This is especially disappointing given the role that the Burdekin project stood to play in enhancing energy security in Northern Queensland, which is expected to emerge as a threat in the medium term," Burge said.
The Burdekin Project had been expected to help meet the growing energy needs of agricultural and mineral businesses of the region, providing around 150 local jobs during development and construction.