Antinuclear

Transition ‘well under way’ as AGL rejects nuclear push

Illawarra Mercury, By Marion Rae,  August 14 2024 –

 AGL Energy has staked millions more on the clean energy transition as higher power prices and fewer outages generate stellar profit growth and spare cash.

Australia’s biggest emitter announced on Wednesday the $250 million acquisition of Firm Power and Terrain Solar, adding solar power and battery storage across all states.

Their combined projects, at 8.1 gigawatts, will add to renewable sources of electricity as coal-fired power plants close from coast to coast.

However, recent polls show that many Australians don’t believe the transition is feasible or on track for the national target of 82 per cent renewable energy by 2030.

“We’re investing back into the transition … it’s well underway,” AGL managing director Damien Nicks told AAP.

He said big batteries would ultimately assist renewable generation by responding to market demand in milliseconds, along with pumped hydro and other firming assets including fast-start gas.

“It is the most complex transition this country has seen but you’re right, community engagement through this time is going to be critical … whether that’s on our sites or outside of our sites,” Mr Nicks said.

“We’re also trying to utilise the infrastructure and grid that’s available to us today, whilst the transmission gets built out around the rest of the country – that’s incredibly important.”

But he dismissed the option of nuclear reactors, which the coalition has promised to build if it wins power in 2025.

“Nuclear is not part of our plans, nor our strategy … we cannot sit around and wait for nuclear,” Mr Nicks said.

“The rationale for that is both cost and time to get there.

“We need to find 12 gigawatts of renewable and firming assets by 2035.”

AGL earlier posted an underlying net profit of $812 million for the year to June 30, up 189 per cent, while underlying earnings rose 63 per cent to $2.22 billion.

Shares in AGL rose in the wake of the results, delivering paper gains for AGL’s major shareholder billionaire Mike Cannon-Brookes…………………………………………………. more https://www.illawarramercury.com.au/story/8729378/transition-well-under-way-as-agl-rejects-nuclear-push/

August 16, 2024 - Posted by Christina Macpherson | energy, New South Wales