Power giant AGL has struck a deal to buy a big battery and solar developer as it races to add more renewables in time for its impending coal plant closures.
Power giant AGL has struck a deal to buy an Australian big battery and solar farm developer as it races to add renewable energy sources to replace the polluting coal-fired generators it plans to close over the next decade.
The company is planning to plough billions of dollars into building 12 gigawatts of renewable energy generators and having “firming” assets – such as batteries and pumped hydro – to support them at times of low wind and sunlight. Under AGL’s new timelines, its Bayswater coal-fired power plant in NSW is due to shut no later than 2033, while the retirement of Loy Yang A in Victoria’s Latrobe Valley has been brought forward by up to 10 years from 2045 to 2035.
AGL’s net profit soared to $711 million in the 12 months to June 30, a stunning turnaround from the $1.2 billion loss the company posted a year earlier, during which it had suffered from wild swings in electricity prices and costly breakdowns curtailing its ageing coal fleet at critical times.
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