AGL Invests $185M in WA Gas Turbines Supporting 2030 Coal Phaseout

AGL Energy has committed $185 million to purchase four gas turbines from Siemens for its Kwinana Swift Gas 2 project in Western Australia, aiming to provide 176 megawatts of peaking power by 2027. This project supports the Western Australian government’s goal to phase out state-owned coal-fired power plants by 2030 and strengthens grid stability during peak demand periods as renewable energy integration increases. AGL is also expanding its renewable energy portfolio through a 15-year power purchase agreement with Tilt Renewables for the 108-megawatt Waddi Waddi wind farm, which is expected to begin operations in the second half of 2028. These initiatives align with AGL’s broader strategy to add significant renewable and firming capacity, targeting 6 gigawatts by 2030 and 12 gigawatts by 2035. The company positions itself as a key player in Australia's energy transition, balancing new gas generation with substantial investments in wind energy. Market reactions include a rise in AGL’s stock price following the Siemens turbine deal, reflecting investor confidence in the company’s growth and transition plans.