AGL chief Damien Nicks says coal fired power has 10 to 12 years left in Australia
The CEO of the country's largest coal-fired generator said energy companies should transition away from coal as quickly as possible, and ensure they invest in zero emissions alternatives.
The chief executive of AGL, one of the country's heaviest emitters, has told investors coal may only be viable as an energy source in Australia for another decade because the economics of the commodity, one of the country's biggest exports, no longer stack up for energy companies.
Damien Nicks told the Macquarie Australia conference that he expected coal generation to reach the end of its useful life in Australia in as soon as a decade from now because the returns will not cover the investments required to keep coal plants operating. "Coal will get to the end of its life in the next 10 to 12 years," he said.
“[Coal] is not where you want to be making big investments because its not where you are going to get the availability or flexibility.”
When AGL shuttered the last units of its 2 GW Liddell Power Station in the Hunter Valley in April 2023, it was only running at about 50% capacity, he added.
