The Australian utility AGL Energy has unveiled plans to speed up the closure of its coal-fired power plants by the end of fiscal year 2035-2036, as well as accelerate the Australia’s transition to renewable energy. AGL has announced that the 2.2 GW Loy Yang A brown coal-fired power plant in the state of Victoria would be decommissioned by the end 2035, 10 years sooner than the previously planned 2045 shut down. The utility maintained the closure timing of its 2.6 GW Bayswater black coal-fired power plant in the state of New South Wales (NSW) to between 2030 and 2033. Another coal plant, the 1.7 GW Liddell black coal-fired power plant, is expected to be shut by April 2023.
Simultaneously, AGL plans to decarbonise its assets by developing 12 GW of new renewable generation and firming capacity by 2036. This target will require an investment of AUD20bn (US$13bn). The utility has set an intermediate target of 5 GW of new renewables and firming in place by 2030. With these closures and investments, AGL expects to reduce its emissions from 40 MtCO2eq in fiscal year 2020-2021 to net zero by fiscal year 2035-2036.
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.