Renewable energy hits annual record, AGL fails to read market and falls rapidly behind

SYDNEY, March 11 2022 - New data revealing renewable energy hit an annual high in 2021 is yet another indication of AGL’s ideological obsession with coal in the face of mountains of evidence that the market is rapidly transitioning away from fossil fuels, Greenpeace Australia Pacific says.

Renewable energy delivered 32.2 per cent of the electricity in the National Electricity Market (NEM) in 2021, spurred by a 35.8 per cent spike in the final quarter. The accelerated transition is reflected in recent state government announcements, with Victoria setting a new target to generate the equivalent of around 20 per cent of its energy needs from offshore wind within a decade and New South Wales pledging to accelerate a pipeline of zero emission projects. 

Hannah McLeay, Campaigner at Greenpeace Australia Pacific, said the new data compounds the failure of AGL’s leadership to read the market and act in the interests of customers, shareholders, employees, and the environment.  

“AGL, Australia’s biggest climate polluter, continues to fail to read the market and the rapid pace of the energy transition, in the face of mountains of evidence and data.

“The market is shifting at lightning speed away from fossil fuels. Consumers are transitioning through rooftop solar, state governments are introducing new renewable energy policies and projects, and other energy companies including Origin are closing their coal-burning power stations early. Meanwhile, AGL is busy trying to split its company in two to hide the extent of its financial and environmental failures.

“Against all evidence, AGL is doubling down on its coal-burning assets by trying to hide them behind a dodgy, tokenistic, and value-destructive demerger. This is a clear demonstration of AGL’s outdated, evidence-free obsession with burning dirty coal.” 

ENDS

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