AGL turns its back on coal-fired power
Source: The Australian, 18 April 2015
AGL Energy plans to focus investment on renewable and low-emission generation technologies, signalling a turn away from coal after spending $2 billion on coal-fired power stations in NSW and Victoria in recent years.
Opening Australia's first industrial-scale solar plant at Nyngan in central NSW yesterday, new AGL Energy chief executive Andy Vesey announced an about-face in which the company will close all existing coal-fired power stations by 2050.
It will also not build or finance any new conventional coal-fired plants in Australia or extend the life of existing plants.
Instead, AGL plans to invest in renewable and near-zero emissions technologies and focus on distributed renewable energy, battery storage and demand management such as smart meters.
It will also include a forecast for future carbon pricing into all decisions about capital expenditure on generation, despite the government abolishing the carbon tax last year.
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