AGL brings forward coal power exit by three years

AGL, the largest Australian power company, has pledged to bring forward the closures of its remaining coal-burning power stations in Victoria and New South Wales.

Conservation group Environment Victoria said the plan to let Loy Yang A continue spewing out greenhouse gases for another 23 years was “completely unacceptable”. On Thursday, AGL said it had returned to profit in the half year to December 31, following heavy writedowns. The board declared a first-half dividend of 16¢ per share, down from 41¢ a year earlier.

As the shift to renewable energy squeezes fossil fuels further out of Australia’s electricity market, AGL last year declared the “winds of change” had swept the sector much faster than anticipated, prompting the company to embark on plans for a historic demerger with a new entity called Accel Energy to own its fleet of large coal- and gas-fired generators.

“Just five months ago, 53 per cent of AGL shareholders supported a motion calling for Paris-aligned targets for both demerged entities,” Mr Gocher said. “The AGL board has manifestly failed to heed that message.”While coal today makes up more than 60 per cent of Australia’s electricity mix, an international push for developed countries to phase out coal-fired electricity by 2030 has been building.

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