185 year-old coal-fired power producer AGL Energy, saying power prices may head higher in the medium term, but the energy transition to renewables is too urgent.
“Ultimately, we’re going to make a disorderly transition to a renewable economy, but we need to do it,” Mr Scroggie said in an interview, following the company’s earnings results that saw revenue jump 19 per cent over the last half. “It’s complicated because a lot of our power is drawn at night, so we’re talking hundreds of megawatts that need to be stored in a cost-efficient way,” he said.
“We’re working closely with [Suncable], because renewable energy use is a table stake for success in a market like Singapore,” Mr Scroggie said.
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