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AGL accelerates exit from coal
Colin PackhamEnergy and resources reporter
Updated Sep 29, 2022 – 9.16am,first published at 9.00am


AGL Energy will close Australia’s biggest-emitting power plant a decade earlier than planned, bowing to shareholder pressure from the likes of software billionaire Mike Cannon-Brookes.

The near-200-year-old company will now close its coal-fired Loy Yang A power station in Victoria in 2035, having previously said it would retire the generator in 2045.

“We have listened to our stakeholders – in particular, our shareholders, as well as government and energy regulatory authorities. Their views were an important consideration as we reviewed the company’s strategic direction after withdrawing the demerger proposal,” AGL chairman Patricia McKenzie said.

AGL’s Loy Yang A power station is destined to close a decade earlier than flagged. Fairfax Media
“AGL is committing to an ambitious but achievable strategy to deliver a responsible and accelerated low carbon future. We are aiming to reshape our energy portfolio into a cleaner and more flexible one, transitioning away from coal and focusing on new renewable and firming capacity.”

The new decarbonisation plan will go some way to smoothing tensions with Mr Cannon-Brooks and other activist shareholders, which forced a humiliating backdown on a plan to split the business and scuppered plans for the company’s original chairman pick.