Latrobe Valley Express Wednesday 16 February 2022

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TRANSITION TALK IS COAL COMFORT

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AGL brings Loy Yang A closure forward

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By MICHELLE SLATER

AGL is assuring the Latrobe Valley that it will require a skilled workforce to help the company transition its coal assets after it had announced new climate targets last Thursday. AGL Energy chief operating officer Markus Brokhof told The Express that the earlier closure timeline for Loy Yang A would be undertaken in a staged approach between 2040 and 2045. It comes as the energy giant announced it was closing the plant three years earlier than its original planned schedule in 2048 as it progresses to splitting the company into two separate entities. Mr Brokhof stressed the decision to close Loy Yang earlier was independent from any government policy, and no agreements had been made with governments before unveiling the announcement. “We took this on our own account to reflect the ambition to move to lower our carbon footprint,” he said. The announcement was made at a half-yearly results presentation to stakeholders on Thursday, February 10. The company’s coal assets will become part of the newly-formed Accel Energy, while the retail arm will be handed over to AGL Australia. Following the proposed demerger, Accel Energy will exit coal no later than 2045. It is also bringing forward the closure of its New South Wales Bayswater plant to 2033 from 2038. AGL Australia plans to reach net zero by 2040 with a 50 per cent reduction in emissions by 2030, and will underwrite three gigawatts of renewable and flexible capacity. AGL stated the company plans to “responsibly transition our operations to reduce our environmental footprint” while supporting “our people and communities through the transition”. Continued on page 2

POLICE BEAT WITH ALYSSA FRITZLAFF PAGE 13

Timeline: AGL chief operating officer Markus Brokhof confirmed Loy Yang A will close earlier than expected due to new climate targets. photograph supplied

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