AGL Energy says it is holding firm on the closure dates it has set for its remaining coal-fired power plants, but says regulatory and policy certainty remain critical to its efforts to replace outgoing coal with new firmed renewables.
The big-three gentailer has announced a “strong result” for the 2025-26 financial year, albeit a 2 per cent fall in underlying earnings to $631 million, underpinned in part, to the “increasing flexibility” of its generation asset portfolio, including a “continued strong performance” from its big batteries.
“We’ve had another excellent year of strategic execution, generating long-term value and strengthening the resilience, flexibility and optionality of the business through the energy transition,” AGL CEO Damian Nicks said in a results presentation on Wednesday.
“Our flexible asset fleet advanced by roughly 400 megawatts to 8.7 gigawatts, largely driven by an increase in decentralised assets under orchestration,” Nicks said.
“This is spread across a diverse range of assets including batteries, hydro and 3.3 gigawatts of thermal coal unit flexibility, enhancing our ability to respond to evolving market conditions throughout the energy transition.”
