AGL Energy Limited (ASX: AGL) has released the outcome of review of the strategic directions by FY2035 end and provided FY2023 earnings guidance.
In the announcement, the Company pointed that it aims to exit from the coal-fired generation by FY2035 end and accelerates its change to an integrated low carbon energy leader. It will shut the Loy Yang A Power Station 10 years prior than formerly announced.
Through this step, the Company would be able to decrease its yearly greenhouse gas emissions from 40 million tonnes to Net Zero.
Besides, the Company also aims to gradually decarbonise its asset portfolio with new renewable as well as firming capacity, with a motivation to supply its customer demand with up to 12 GW of new generation and firming capacity, requiring a total investment of up to AU$20 billion, 3 in place before 2036. It will be financed from a blend of assets on AGL’s balance sheet, offtakes as well as through partnerships
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