April 21, 2021 Read More →

Queensland energy giant signals switch to renewables, storage

Renew Economy:

Queensland government-owned energy giant Stanwell Corporation says the company’s future must be in renewables and storage rather than coal, in a delicately-worded statement that rang an early death knell for the company’s two coal-fired power plants.

In a statement on Wednesday, chief executive Richard Van Breda gave few concrete details of exactly how the coal-heavy company – which suffered a $720 million plunge in profit last year – would transition away from coal.

But he made it clear he saw no future for coal beyond the lifespan of Stanwell’s two coal plants, which he said the company would use more “flexibly” over the course of the transition, potentially putting them in “standby” mode before they were retired altogether.

“Our Tarong and Stanwell power stations will continue to play an important role as Stanwell’s portfolio transforms,” he said.

[James Fernyhough]

More: Energy giant Stanwell flags coal exit as it pivots to renewables and storage

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