AGL targets 1.2GW of new battery storage by 2024, plans tenderAGL Energy has set a goal of installing 1,200MW of new battery storage and demand response capacity by 2024, and is tying the bonuses for executives and senior management to hit growth targets for the company’s clean energy and storage portfolio.
The new targets were revealed by AGL Energy during the company’s earnings call for the 2019-20 financial year, with the company highlighting its efforts to diversify its energy portfolio into clean energy technologies, as the company reported a lower profit as earnings from its coal generators took a hit.
“Although energy prices are lower, we still see an opportunity to invest as the composition of the portfolio shifts away from coal towards the new firmed renewable energy generation the market will need,” AGL chief operating officer Markus Brokhof said.
“AGL’s strategy is to optimise dispatchable generation, support investment in firmed renewables and continue to invest in the accelerating emergence of batteries and other energy storage technologies.”
Despite the disruptions being caused by Covid-19, AGL said that it was looking to expand its portfolio of clean energy projects, especially storage capacity, and is targeting up to 850MW of grid scale battery storage, as well as 350MW of distributed storage and demand response capacity by 2024.
