Australia’s biggest carbon emitter AGL will shut all coal-fired power plants by 2035 in response to customer, shareholder and government pressure.
AGL Energy to accelerate exit from coal
Australia’s largest electricity generator AGL Energy will go “net zero” after abandoning plans to split into two companies.
Australia’s biggest carbon emitter on Thursday announced a plan to shutdown all coal-fired generation by the end of fiscal year 2035, with annual greenhouse gas emissions to reduce from 40 million tonnes to net zero.
AGL chair Patricia McKenzie said the company will have “net zero” emissions from operations following the closure of all AGL’s coal-fired power stations, including Liddell and Bayswater power plants in NSW and the Loy Yang power station that provides almost a third of Victoria’s power.
The financial implications of bringing forward the closure of Loy Yang include an impairment charge of $700 million.