🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Australia's AGL to spend A$295 mln to bolster gas-fired power

Published 07/06/2017, 10:43 am
Updated 07/06/2017, 10:50 am
© Reuters.  Australia's AGL to spend A$295 mln to bolster gas-fired power
AGL
-

MELBOURNE, June 7 (Reuters) - Australia's biggest power producer, AGL Energy AGL.AX , said on Wednesday it would spend A$295 million ($222 million) to build a gas-fired power station to bolster the grid in the wind energy-dependent state of South Australia.

The new plant will provide back-up power in a state that has suffered a string of blackouts over the past year at times when wind power has eased, with limited access to gas- or coal-fired power.

AGL plans to build the 210 megawatt (MW) plant to replace two of the four turbines at its 50-year-old Torrens A gas-fired power station, which it plans to close in stages from July 2019.

The new Barker Inlet plant is expected to be able to reach full capacity within five minutes of starting up.

The plant would improve "reliability and security of supply in South Australia using modern, responsive technology that is more fuel efficient and less carbon intensive" than the Torrens A power station, Chief Executive Andy Vesey said in a statement.

($1 = 1.3314 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.