Australia's AGL Energy announces closure of Torrens Island 'B' power station

Nov 24 (Reuters) - Australia's AGL Energy Ltd (AGL.AX) on Thursday disclosed plans to shut down its gas-fired Torrens Island 'B' power station in South Australia in June 2026, having closed the final unit at the 'A' power station just a few months ago.

The country's top power producer said the decision to shut down power station 'B', which commenced operations in 1976, was made after consulting stakeholders such as the South Australian government and was done in part due to the company's transformation of Torrens site into a low-carbon energy hub.

AGL in September flagged the closure of the final 'A' station unit at the Torrens Island site and said it will begin the decommissioning process, which involves the removal of all liquids and gases from the plant.

Separately, AGL unveiled plans in September to spend up to A$20 billion ($13.46 billion) on renewable energy by 2036 and bring forward its exit from coal-fired generation by a decade.

The first of the four power-generating units at the station had been deactivated in October 2021, and AGL expects all units to be retired by June 30, 2026.

These closure plans are not expected to have a material impact on underlying profit in fiscal 2023 or over the longer term owing to the economic viability of the station, the company added.

($1 = 1.4859 Australian dollars)

Reporting by Roushni Nair in Bengaluru; Editing by Krishna Chandra Eluri

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