Lucrative firming assets to drive AGL’s energy transition

According to The Australian Financial Review, AGL is targeting owning up to 7 gigawatts of grid scale batteries and pumped hydro projects to drive its transition away from fossil fuels, which it says will generate more lucrative returns than wind and solar farms and underpin its return to profitability.
AGL, the nation’s largest greenhouse gas emitter, last year committed to a $20 billion plan to develop 12GW worth of zero emission generation after bowing to mounting pressure from shareholders and activists such as billionaire Mike Cannon-Brookes.
As it announced a six-month net loss of $1.1 billion that sent shares down 10 per cent, AGL said it expects to own and control between 5GW-7GW of firming capacity assets that will be the largest component of the 12GW of new assets it needs to replace retiring coal generation.

https://www.afr.com/companies/energy/lucrative-firming-assets-to-drive-agl-s-energy-transition-20230209-p5cja1