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Australia weighs $470 mln subsidy-backed power deal to keep Tomago smelter operational

Source: AL Circle Mar 20, 2026 17:30
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Australia is negotiating a complex support package to keep the Tomago Aluminum smelter active. The push could lock taxpayers for up to a decade into annual subsidies of a minimum of USD 300 million. Owing to rising energy costs and a lack of affordable long-term renewable power, Australia's largest aluminium smelter, the Tomago facility, faces potential closure by 2028.
Under the proposed deal, the federal government-owned Snowy Hydro would supply electricity to the smelter. In this structure, Snowy Hydro is likely to acquire renewable energy through long-term contracts at market rates and relay it to Tomago at a lower price, as the government covers the difference.   Identified by Prime

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