We use cookies
To help provide you with a good experience on our website. By continuing to browse the website, you are agreeing to our use of cookies.

Australia Is rushing to exit coal

GO NET ZERO ENERGY

Australia Is rushing to exit coal

AGL, one of Australia’s largest coal-fired power station operators, is not having a good year. It has fought off a hostile takeover effort led by Mike Canon-Brookes, had to swallow the bitter pill of a failed demerger, and now is bowing to the inevitable and announcing the early closure of its fossil fueled fleet. Unbelievably, AGL will exit coal. - CleanTechnica

Following hot on the heels of similar announcements from Queensland and Western Australia, this is welcome news indeed. AGL operates CFPS in New South Wales (Liddell and Bayswater), and the brown coal burning Loy Yang A in Victoria. Loy Yang A is expected to close 10 years earlier than previously planned, in 2035. Liddell will close next year and Bayswater between 2030 and 2033.

In a note to the Australian Stock Exchange, AGL states that it is targeting an exit from all coal-fired power generation. The company plans to have 5 GW of renewables and firming in place by 2030, and already has 3.2 gigawatts of new renewables and firming capacity in the pipeline. AGL’s plans are set out in its inaugural Climate Transition Action Plan. These include redeveloping fossil fuel sites in Hunter Valley, Torrens Island, and Latrobe Valley into industrial “Energy Hubs.” State governments are working with AGL to help transition communities.

New AGL chair Patricia MacKenzie states that the company has listened to its shareholders. The largest of which is Mike Canon-Brookes. Although press releases and speeches contain many references to becoming “carbon neutral” and “aligning with the Paris agreement,” there is still skepticism about AGL’s ability to achieve these goals.

To be clear, as AGL’s largest shareholder, Grok is committed to working with the Board to help effect the necessary changes and make the most of the decarbonization opportunity. The strategic review was a step in the right direction — but it was not ambitious enough in providing for a plan that delivers below 1.5 degrees.

Grok spokesperson said on Friday

The battle to decarbonize AGL still has a long way to run. Grok Ventures (Mike Cannon-Brooke’s investment arm) has nominated members to AGL’s board, but the current board is advising shareholders to vote against them. Apparently, their skill set is “not aligned” to the priority skills being sought for the company’s current strategy.

Grab the popcorn, it’ll be slower than the Bathurst 1000, which is running this weekend, but just as exciting.

Relevant news

HYDROGEN IN CENTRAL ASIA AND CASPIAN
Wärtsilä 100% H2-ready engine power plant
Discover the innovative hydrogen-ready engine power plant by Wärtsilä, offering flexible power generation and optimal load-following capabilities.
DOWNSTREAM CENTRAL ASIA AND CASPIAN
KazMunayGas and Chevron discuss renewable energy and gas processing plant developments at Tengiz field
Discover how KazMunayGas aims to achieve carbon emission reduction targets through renewable energy and gas processing projects.
DOWNSTREAM CENTRAL ASIA AND CASPIAN
Lummus launches renewable dimethyl ether technology
Lummus Technology has announced a new renewable dimethyl ether technology.
HYDROGEN IN CENTRAL ASIA AND CASPIAN
ACWA Power inks deal to drive renewable energy development in Azerbaijan
ACWA Power known for its large green hydrogen storage capacity, announced that it has reached a new agreement with Socar.
GO NET ZERO ENERGY
Adani green energy becomes Indias first to surpass 10000 MW renewable energy
Adani Green Energy Limited has surpassed 10,000 megawatts (MW) of operational portfolio, delivering reliable, affordable, and clean power to the national grid.
GO HYDROGEN
Lhyfe receives a grant for large-scale production of green and renewable hydrogen
This project, led by Lhyfe for over two years, has been approved by the European Commission as part of the third wave of IPCEI on hydrogen.