AGL places $20bn price ticket on early coal exit

Power big AGL says its wants $20 billion to expedite its transfer away from coal-fired energy era and obtain net-zero by 2035.

Australia’s greatest carbon emitter introduced on Thursday its plans to cut back emissions from 40 million tonnes to net-zero by the top of FY23. The corporate is bringing forward the closure date of the Loy Yang energy plant in Victoria’s Latrobe Valley to 2035 and its Bayswater coal plant in NSW’s Hunter Valley will shut between 2030 and 2033, AGL chair Patricia McKenzie stated.

“This represents some of the vital decarbonisation initiatives in Australia,” she stated. “Our decarbonisation and power funding technique units a transparent pathway for the corporate’s future and its main position in Australia’s power transition.”

AGL’s Loy Yang An influence station is destined to shut a decade sooner than flagged.Credit score:Fairfax Media

AGL was pressured into conducting a strategic assessment of its enterprise after its greatest shareholder, tech billionaire Mike Cannon-Brookes, scuttled its deliberate demerger of its coal-fired energy stations from its retail arm.

The tip of the demerger has additionally seen a reshuffle on the prime at AGL, with chief govt Graeme Hunt and chairman Peter Botten each stepping down.

Cannon-Brookes, by means of his personal funding agency Grok ventures, has since been agitating to reshape AGL’s board.

After forcing AGL to rescind its resolution to nominate Paula Dwyer, former chair of gaming big Tabcorp and Healthscope, as Botten’s substitute, Cannon-Brookes on Wednesday expressed his assist for 4 impartial non-executive administrators to be put in on AGL’s board.

The 4 embrace Kerry Schott, the previous chair of the Power Safety Board, Prof John Pollears, CSR board member, Christine Holman, and photo voltaic power veteran, Mark Twidell.

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