1. Exit coal-fired power in early 2030
We have flagged the closure of Eraring, our only coal-fired power station, at the end of its operational life in the early 2030s. Eraring is a black coal-fired power station which produces fewer emissions than a brown coal-fired power station. In the meantime, Eraring, Australia’s largest power station, will continue to play a critical role in maintaining energy security and affordability.
2. Significantly grow renewables
We’re transitioning to a cleaner power generation portfolio. This year, we were able to rapidly grow our commitment to renewables, at a time when costs are falling.
We committed to 1,200 MW of new renewables, and are now just 300 MW short of our target of 1,500 MW of new renewables by 2020. This will see renewables grow to more than 25 per cent of our generation mix by 2020, up from around 10 per cent today.
3. Leverage strong gas position
Natural gas has long been recognised for its lower carbon profile and abundant supply. It is an ideal fuel to support the intermittency of renewable energy. As the owner of Australia’s largest portfolio of gas-fired peaking power stations, we are ideally placed to support the growth of renewable energy and maintain security of supply for Australian households and businesses.
4. Empower customers with smarter energy solutions
Energy markets are in transition in Australia and around the world. Technology is transforming everyday life and changing the way in which our customers produce and use energy. We are investing in and trialling new technologies to help us better predict and respond to what our customers will want in the future.
5. Leadership in climate change advocacy
For many years, we have been a leading advocate for climate change and energy policy. By December 2017 we aim to publish analysis of the potential impact of a number of global carbon reduction scenarios, including the 2-degree scenario, on our wholesale electricity and generation portfolio. We will also commit to a company-wide science based carbon emissions reduction target that will be consistent with the Paris Climate Accord’s 2-degree goal.
Underlying EBITDA up $162 million or 12% to $1.5b
Volume of gas sold to customers up 12%
Origin hardship customers will not pay recent price increases
Growing renewables up 1,200mw of new solar and wind power purchase agreements since March 2016