- Write by:
-
Thursday, February 17, 2022 - 13:30:47
-
634 Visit
-
Print
Mining News Pro - Australia’s biggest coal-fired power plant is set to close seven years early, the latest fossil fuel retirement prompted by a surge of renewables that have driven down electricity prices.
Origin Energy Ltd. could shutter the Eraring facility, in a coal-mining region north of Sydney, as soon as August 2025 with the plant’s financial viability under threat. It follows rival AGL Energy Ltd., which last week announced plans to bring forward the closure of two of its coal plants.
“The reality is the economics of coal-fired power stations are being put under increasing, unsustainable pressure by cleaner and lower-cost generation, including solar, wind and batteries,” Frank Calabria, Origin’s chief executive officer, said in a Thursday statement.
Sydney-based Origin is assessing plans to install a giant battery with capacity of as much as 700 megawatts at the site, more than double the size of the country’s largest existing facility, Neoen SA’s Victorian Big Battery.
Origin’s announcement is in line with a requirement to give three-and-a-half years’ notice before closing a major plant. The continued increase in renewables generation and strong uptake of rooftop solar is likely to worsen the attractiveness for existing coal and gas generators, BloombergNEF said Thursday.
The early closure of Eraring puts the affordability and reliability of the grid at risk, Energy Minister Angus Taylor said in a statement. Prime Minister Scott Morrison’s government is a staunch supporter of fossil fuels.
The 2,880-megawatt black coal plant about 120 kilometers (75 miles) north of Sydney can meet around a quarter of the power needs of New South Wales, Australia’s most populous state. It became fully operational in 1984. The proposed Eraring battery would be 460 megawatts in its first phase, rising to 700 megawatts, compared with AGL’s plan for an 850-megawatt battery by 2024 at the site of its Lidell coal plant.
“Planned additional transmission capacity — including the announced battery — will give the state access to enough electricity generation to meet the Energy Security Target at the time Eraring closes,” Daniel Westerman, the chief executive officer of the Australian Energy Market Operator, said in a statement.
Short Link:
https://www.miningnews.ir/En/News/620682
BHP Group can’t cherry pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Copper miner Antofagasta Plc is holding meetings with investors this week for its first dollar bond offering in nearly ...
Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the ...
Teck Resources, Canada’s largest diversified miner, saw its copper production jump by 74% in the first three months of ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
BHP Group Ltd. proposed a takeover of Anglo American Plc that values the smaller miner at £31.1 billion ($38.8 billion), ...
Nigeria has revoked 924 dormant mining titles immediately and invites investors to freely apply for the affected ...
No comments have been posted yet ...