2025Q4 An interesting policy development for the Australian electricity industry this quarter was a press release announcing the federal government’s Solar Sharer concept.  Solar Sharer is a proposal, which has been referred to the Australian Energy Regulator (AER), that would require the Default Market Offer (DMO) include a tariff arrangement where households were able to receive three hours of free electricity – during peak solar hours – each day.  The beauty of this propos

2025Q4 Australia is pushing hard toward an 82% renewable energy target by 2030, recently expanding the Capacity Investment Scheme (CIS) from 32 GW to 40 GW. The new target includes 26 GW of renewable generation and 14 GW of clean dispatchable storage. On paper, the scale of government support appears positive.    However, there is a widening gap emerging between ambition and delivery. Of the roughly 20 GW of CIS Agreements (CISAs) awarded, progression is severely limited. On

2025Q4 Airports are an attractive sector for infrastructure debt investors with their monopoly characteristics and because their customers, the airlines, act as a buffer sheltering airport revenues from the impact of economic shocks.  Air travel is a fundamentally cyclical industry.   Shocks can vary from the usual fluctuations in demand as a result of the economic cycle to more substantial events such as September 11 and COVID. History has proven that, over time, passenger n

2025Q3 Public reporting of sentiment in the renewables sector and the progress of the energy transition often seems schizophrenic, swinging from unbridled optimism to dire pessimism from one week to the next. Investors in the sector are best minded to think long-term and to recognise that in a sector with 20-50-year asset lives change happens slowly.   Thus, while the headlines surrounding the CER reporting in August that no wind farms and only 615MW of solar farms reached fi