AGL’s response to Greenpeace’s Green Electricity Guide.
As the country’s largest electricity generator and retailer, we recognise our significant role in Australia’s energy transition. At the heart of this energy transition is the need to balance Australia’s energy needs with the commitment to decarbonise.
As previously recognised by Greenpeace in 2018, AGL Energy has taken decisive action and invested more than $4.8 billion in renewable and firming generation over the past two decades, and today we operate the largest portfolio of renewable assets of any ASX-listed company.
We have been focused on our commitment to transition to net-zero and made significant progress on our pipeline of projects, including 850MW of grid-scale batteries, large scale wind and solar developments, industrial integrated energy hubs, carbon neutral products and expanding into products such as EVs and solar batteries.
As part of the proposed demerger, AGL is currently setting separate Climate Commitments and targets for Accel Energy and AGL Australia, enabling each business to focus on their respective strategic opportunities and challenges presented by the accelerating energy transition. Work is underway and we will provide an update on progress related to the proposed demerger at our half year results announcement this week.
There is no doubt that coal fired generation will exit the system earlier than previously expected enabling a faster decarbonisation pathway. However this must happen as part of a co-ordinated plan across governments, industry, regulators and the community. Without this we create market uncertainty and put at risk energy reliability and customer affordability.
The scheduled closure of the Liddell Power Station, which commences in March 2022 and is scheduled for completion by April 2023, is expected to deliver an 18-27% reduction in greenhouse gas emissions when compared to the actual FY19 emissions of AGL Energy’s generation assets that are to be allocated to Accel Energy [1].
[1] FY19 baseline comprises Scope 1 and Scope 2 emissions for all electricity generation assets operated by AGL Energy as at FY19 and that are proposed to be operated by Accel Energy following the demerger, as reported under the National Greenhouse and Energy Act 2007.
