In addition, and as announced in February 2022, AGL Energy has committed to responsibly transitioning its operations to reduce its environmental footprint, closing coal operations in the following timeframes:
- Liddell Power Station: April 2023
- Bayswater Power Station: 2030-2033
- Loy Yang A Power Station: 2040-2045
This will deliver a reduction in Scope 1 and 2 emissions from our operated electricity generation fleet between 18-27% during FY25-FY34 and between 55-60% during FY35-FY46 compared to a FY19 baseline, after which AGL Energy will achieve net zero for its electricity generation portfolio1.
AGL Energy remains committed to repurposing its thermal generation sites into integrated energy hubs, which includes advancing projects that connect industrial partners into a low-carbon circular economy at the sites. Projects and feasibility studies are already underway at the three identified hubs of Latrobe Valley, Hunter and Torrens. Further, AGL will continue to advance its pipeline of low-carbon firming and renewable projects to bring these online.
Additionally, AGL Energy continues to partner with customers to accelerate their decarbonisation goals, creating and providing carbon neutral offerings for their energy consumption, such as orchestrating VPPs, electric vehicle products and other distributed and behind the meter solutions.
AGL Energy has been in ongoing discussions with key stakeholders regarding our path to decarbonisation and believes that the relevant dates for closure of coal fired power stations will continue accelerate. As Australia’s largest energy generator, owner of the largest portfolio of renewable generation and storage assets of any ASX listed company, and a leading retailer of energy solutions, AGL Energy, its customers and its people have a critical role to play in a responsible transition.
However we also know that with this scale of change, these closures must not happen outside of a co-ordinated plan across governments, industry, regulators and the community, and we are committed to working with all these stakeholders to achieve this.
AGL Energy’s climate commitments will continue to be reviewed as part of the strategic direction review announced to the market on 30 May 2022.
1Emissions comprise Scope 1 and 2 greenhouse gas emissions for all electricity generation assets, as reported under the National Greenhouse and Energy Reporting Act 2007. Offsets may be used to help achieve emissions reduction targets where necessary.