Former chief at the Clean Energy Finance Corporation Oliver Yates and the former ACT Deputy Chief Minister Simon Corbell have gone into business together, forming the Clean Energy Derivatives Corporation.
The CEDC plans to raise $250 million to “back contracts with wind farms and solar farms that effectively bet on future National Electricity Market prices”, an article in The AFR said on Monday night.
Mr Yates told the newspaper his new clean energy trading firm will prosper from the government’s reluctance to implement a Clean Energy Target because it would likely make more money if the Turnbull government did not implement the CET because electricity prices would likely stay higher for longer.
“Without a federal policy it’s probably going to mean power prices remain higher for longer [which is] better for us if we write contracts at a fixed price,” he said.
The federal government last week ruled out a Clean Energy Target and a renewal of the Renewable Energy Target after 202 but it did announce energy savings investments.
Ashleigh Antflick is listed as chief executive officer of the new business, a position his LinkedIn account says he’s held since November last year.
He describes the company as an “Australian based clean energy hedge fund, providing sculpted risk management products to multi-megawatt clean energy generators and their project financiers.”