Deal with Victorian government includes $50m to support ‘orderly retirement’ of coal-fired plant to provide certainty to workers, the community and industry
Australia’s Loy Yang A power station will remain available to operate until mid-2035 under an agreement signed between its owner AGL Energy and the Victorian government aimed at providing certainty to workers, the community and industry.
In a separate development, EnergyAustralia said it would shift its Mount Piper coal-fired power plant – New South Wales’s newest – to a “reserve role” to be used “only as needed” before its scheduled 2040 closure date. AGL on Monday said it had signed a so-called structured transition agreement with the Victorian government for the operation, maintenance and retirement of its Loy Yang A power station and nearby brown coalmine in the Latrobe Valley.The plan would support “the respectful, orderly and constructive retirement” of the plant and mine, Markus Brokhof, AGL’s chief operating officer, told a media event.
Lily D’Ambrosio, Victoria’s energy minister, said Loy Yang A had been “part of the fabric of this community for many, many decades”, and the package would provide workers with payments “over and above existing entitlements”. The agreement will be “keeping the lights on while we build renewables and storage capacity to reach our government’s target of reaching 95% of renewable electricity generation by 2035”, D’Ambrosio said, adding there were no payments to AGL to keep the plant open nor to close it early.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AGL strikes deal with Victoria to keep Loy Yang running until 2035The deal comes despite pressure from Mike Cannon-Brookes for the coal plant to close earlier, and EnergyAustralia planning to cut back output at its NSW generator.
Read more »
Live: AGL to keep Loy Yang power station operational until 2035, Qantas hit with class action, ASX slipsWestpac and BlueScope post their earnings at the start of another reporting-season week, AGL is set to keep Loy Yang open until mid-2035, and Qantas is hit with a class action. Follow live.
Read more »
Denmark and Netherlands agree to give Ukraine F-16 fightersA landmark day for Ukraine as Denmark and Netherlands reach an agreement to provide the invaded nation with a number of fighter jets.
Read more »
Green bank to weigh in on power gridThe controversial Humelink and VNI West transmission projects are set to get support from the green bank, as it builds on last year’s clean energy commitments.
Read more »
$1.7b Tomahawk deal to expand strike powerThe purchase will make Australia just the third nation, along with the US and the United Kingdom, to have the Tomahawk strike capability.
Read more »