I'm proud that AGL is committed to helping shape a sustainable energy future for Australia. A key part of this commitment is found in our Greenhouse Gas Policy: to close all existing coal fired power stations by 2050. We have since provided dates for the closure of our major generation assets, beginning with closing Liddell Power Station in 2022.
We think it's important to provide transparent, advance notice of our plans to close and rehabilitate large generation assets to create a clear basis for engagement with our stakeholders. We have embarked upon a journey towards decarbonisation with a long term and strategic intent - understanding that this is a transition that must be inclusive of the views of our stakeholders.
As outlined in our 2017 Sustainability Report, our approach to the rehabilitation of assets is guided by the following underlying principles:
- Transparency: We will provide stakeholders with information to enable better understanding of the issues related to rehabilitation of our sites.
- Engagement: We will undertake ongoing engagement with stakeholders to ensure a diverse range of views are considered in rehabilitation plans and processes.
- Accountability: We will publish relevant information at least annually to enable external assessment of rehabilitation activities.
In FY17 we completed a detailed review of the technical characteristics and costs of rehabilitating our Liddell, Bayswater and Torrens Island power stations to a state as near to pre-development condition as practicable. The report also assessed the costs of rehabilitating the AGL Loy Yang mine and power station as identified in the final closure plan agreed with the Victorian Government.
We're working with our communities on a transition that's inclusive of all. There's a lot more work to do, but I'm proud to be part of a company that is leading the way towards decarbonisation.