Really - you pelican!
Haven't been paying attention... AGL just rocketed up the charts with this government support, to a record high.The Victorian government has agreed to underwrite the operation of AGL Energy’s coal-fired Loy Yang A power station out to 2035, despite pressure from the company’s biggest shareholder, software billionaire Mike Cannon-Brookes, to shut the huge generator earlier and align with the Paris accord.
The secret agreement, which drew immediate criticism from green groups, is the second to be reached by the state government as it seeks to avert the risk of blackouts and spiralling prices if the ageing coal generators that provide 60 per cent of Victoria’s power shut before replacement supply is built.
Coal power generators such as Loy Yang still provide the bulk of Victoria’s power.
It provides unspecified state assistance for the 2210-megawatt plant ahead of its shutdown in the event of low wholesale prices that might otherwise drive an earlier closure.
“This agreement prevents an unexpected closure,” Victorian Energy Minister Lily D’Ambrosio said, adding the Victorian government was acting to avoid a disorderly transition, with “skyrocketing” prices and social dislocation.
“We need Loy Yang A to be there so we have sufficient supply to meet our needs, to keep the lights on, and to give us the opportunity to build the replacement renewable energy we are right now delivering,” she said.
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$11.160 2.29%View AGL related articlesAug 22Feb 23Aug 236.00010.00014.000Updated: Aug 22, 2023 – 10.59pm. Data is 20 mins delayed.The 12-year notice of closure also allows renewable energy developers to invest with confidence, Ms D’Ambrosio added.
But the Victorian Greens said there was “no good reason” that the generator could not be phased out much sooner and called for transparency on the terms of the deal.
The news came as AGL rival EnergyAustralia said it would gradually shift its big coal-fired generator in NSW into a back-up role and cease running it as a baseload plant well ahead of its 2040 closure date.
