AGL Energy (ASX:AGL) has committed to spend $400 million building a new gas-fired power station near Newcastle.
It will consist of 14 reciprocating engine units capable of generating 18 MW of capacity each. It’s hoped construction will be completed by 2022.
This is also the year they plan to close the ageing coal-fired Liddell power plant.
AGL operates the country’s largest electricity generation portfolio and is the largest ASX-listed investor in renewable energy.
They have more than 3.6 million customer accounts.
Shares in AGL Energy (ASX:AGL) closed 1.46 per cent higher yesterday at $20.80.