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I think the "gold plating" was the poles and wires, ie the distribution network, not the generators.
A lot of money was spent on distribution ("poles and wires") but so far as generation is concerned, we're getting pretty close to a crisis point as old power stations wear out and close, not being replaced with new firm (non-intermittent) capacity of whatever type.
With the exception of Tasmania, every other state is set to see substantial chunks of their generating capacity closed within the next few years in the absence of serious $ investment in refurbishment which, given the political uncertainty, few if any would be willing to undertake.
It's a bit like taking rivets out of an aircraft really. Take one out and nothing happens. Take another out and sill it seems OK. But each one you take out weakens it and at some point you've got bits of wreckage strewn everywhere and it's headline news. That's pretty much where we're heading with power generation.
That we've got some better networks than we previously had doesn't help if there's nothing to put into them in the first place.
Hazelwood (Vic) is 52 years old and in its final months of operation now. There goes 1600 MW.
Yallourn W (Vic) units 1 & 2 are 43 years old and the clock is ticking. Another 700 MW between them. Units 3 & 4 are newer but still not young (35 years old now).
Liddell (NSW) is 45 years old and AGL have done some "patch up" work to keep it going until closure in 2022. There goes another 2000 MW.
Gladstone (Qld) isn't exactly new either (40 years old now). What condition it's in is pretty much unknown to anyone other than the owners and those who work there but at that age it's unlikely to be in great shape. Capacity is 1680 MW.
Torrens Island A (SA) is 49 years old and was going to be closed next year until AGL changed their mind. As with Gladstone, only those directly involved really know the details but it's unlikely to be in great shape given its age and long history of cyclic operation which adds stresses. Capacity is 480 MW.
In addition to that we've seen Morwell (Vic, 190 MW), Anglesea (Vic, 160 MW), Northern (SA, 540 MW), Playford B (SA, 240 MW), Redbank (NSW, 150 MW), Wallerawang (NSW, 1000 MW), Munmorah (NSW, 600 MW at the time of closure but 1400 MW in its' heyday), Swanbank B (Qld, 480 MW) and Collinsville (Qld, 180 MW) all permanently closed in recent years.
The above are all coal-fired plants with the exception of Torrens Island which is gas (also has the capability to fire oil).
I've left WA and NT out since they're separate grids. Also left Bell Bay in Tas (closed 2009, oil-fired until 2003 then gas) off the list since it was actually replaced with the new Tamar Valley station (gas although part of it can fire oil as backup fuel if needed) at the same site.
It's not impossible to refurbish old plant but anything involving high temperature and pressure (and that's exactly what's involved in a coal or gas power station) will suffer degradation over time and a point comes where the cost of refurbishing is huge. WA learned this the hard way when they spent a fortune trying to get Muja A&B (coal, 240MW across 4 units) back up and running. Ended with a huge cost and an explosion. That plus they only ever did get half the plant working (and even then its lifespan is limited) and have given up on the rest.
With hydro plant you can keep it running pretty much forever. Just replace the bits which wear out and that's it really. Hence Tarraleah (Tas, hydro, in operation since 1938) is running flat out at full base load capacity right now and Lake Margaret (Tas, hydro, in operation since 1914) is also fully operational and running base load. Neither are worn out yet although certainly some bits and pieces have been replaced over the years.
That said, hydro is the dominant power source only in Tasmania and in other states runs a distant second in NSW and Vic, is a minor source in Qld, and is trivial in SA and WA (and literally zero in NT) so we're not about to run the whole country with water anytime soon.
With thermal (coal, gas, oil) plant the fundamental problem is that the bits you need to replace are pretty much everything and doing that is a bit like building a car from spare parts - totally uneconomic.
Overall, the transmission network we've got today is still largely the same one which the former state electricity authorities built decades ago. Much the same with generation in NSW, Vic and SA - the major power stations we have today were built by government decades ago and many are now past or at least rapidly approaching their intended lifespan and we're not doing much in terms of replacement.