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EnergyAustralia delivered 2024 full-year results of A$115 million NPATF, driven by the increased availability and performance of its generation assets. This result was an improvement on the 2023 NPATF of -$35M1.
The result was delivered at the same time as EnergyAustralia has been progressing plans to add new flexible capacity that enables a reliable and lower emissions future with the lowest possible costs for customers.
EnergyAustralia’s financial performance, announced in Hong Kong today as part of CLP Holdings’ full year results for the 2024 financial (calendar) year, continues the positive momentum demonstrated in 2023, albeit against a backdrop of intensified competition in the retail energy market.
EnergyAustralia Managing Director, Mark Collette said: “Our team performed particularly well this year in asset operations, strategically planning our maintenance program to effectively manage and perform throughout a volatile 2024 wholesale market. This ensured our generation was available during all the critical moments of the year, a great reliability outcome for all customers.
“Generation at our Mount Piper Power Station in New South Wales increased year-on-year, with an equivalent availability factor of 92% for 2024, and impressively demonstrated high availability during periods of high temperature and thermal generator unavailability in the state.
“We saw stable generation output at our Yallourn Power Station in Victoria, with the power station completing major planned outages as part of the ongoing maintenance program to enable its reliability and efficiency in the run-up to its retirement in 2028.
“Our gas-fired fleet maintained high levels of reliability and availability, performing effectively and flexibly in the Australian winter as required. In particular, Tallawarra B, commissioned in mid-2024, has exceeded expectations, running more than 111 times over the year, since it was commissioned.”
In its retail business, EnergyAustralia experienced a 2% decline in customer accounts from December 2023 to December 2024, as competition increased within the sector. Cost-of-living pressures continued to affect many Australian households, with EnergyAustralia providing ongoing flexible payment plans to more retail customers through its EnergyAssist program.
“The number of customer accounts supported by the program increased to 59,096 as of 31 December 2024, an increase of 13%. The energy assistance initiatives introduced by the Australian Government in the second half of the year helped to alleviate some financial pressure on customers, and we will continue to support our customers on this program throughout 2025,” said Mr Collette.
EnergyAustralia remains committed to Australia’s clean energy transformation, investing strongly in flexible, firming capacity to support the transition. EnergyAustralia released its second Climate Transition Action Plan (CTAP) in late 2024, and for the first time has outlined its pathway to achieving its ambition of Net Zero Scope 3 emissions by 2050.
Significant progress on initiatives supporting the energy transition was made during FY2024:
Orana Battery Energy Storage System (BESS): In July 2024, EnergyAustralia announced an innovative offtake agreement underpinned by Akaysha Energy’s Orana BESS in New South Wales. The agreement allows EnergyAustralia to access the storage attributes of the Orana battery as a virtual financial product, once the battery goes into service in 2026.
Wooreen BESS: In September 2024, EnergyAustralia won the support of the Federal Government’s new Capacity Investment Scheme for the 350MW/1,400MWh Wooreen BESS in Victoria. EnergyAustralia reached financial close in February 2025.
Hallett BESS: In September 2024, EnergyAustralia won the support of the Federal Government’s new Capacity Investment Scheme for the 50MW/200MWh Hallett BESS in South Australia.
Golden Plains Stage 2: In September 2024, EnergyAustralia announced a 10-year Power Purchase Agreement with global clean energy enterprise TagEnergy. EnergyAustralia will be taking up a significant share of energy capacity of the Golden Plains Wind Farm Stage 2, the largest wind energy project in the southern hemisphere when combining stage one and two. This agreement is for 230MW of renewable energy.
Mt Piper BESS: In November 2024, EnergyAustralia secured the New South Wales Government’s development approval for its 500MW BESS next to Mount Piper Power Station, with planned capacity to power up to 320,000 homes and small businesses.
Lake Lyell pumped hydro: EnergyAustralia's pumped hydro project at Lake Lyell was declared Critical State Significant Infrastructure during the year by the New South Wales government. The project has a proposed capacity of 385 megawatts (50 MW up following value engineering) for up to eight hours, with flexible capacity of more than 400 megawatts for a shorter duration, providing energy for at least 150,000 homes. Project scoping and community engagement continues on this most important initiative.
Kidston pumped hydro storage: Initially announced in 2021, EnergyAustralia entered into a contract to underpin Australia’s first pumped hydro energy storage facility in the National Electricity Market in almost 40 years through a Binding Energy Storage Services Agreement with Genex. EnergyAustralia has full dispatch rights to the facility for up to 30 years and a later option to fully acquire the asset. The Kidston Pumped Storage Hydro Project (K2-Hydro) has the potential to power up to 100,000 homes during periods of peak demand from 2026 and will create 800 jobs during its construction.
Community battery offering: In late 2024, EnergyAustralia’s new initiative, Community Battery Ease, was launched, enabling local households, including renters and apartment dwellers, within 13 community battery locations the potential to save around $200 on their average bill. This initiative, in partnership with New South Wales electricity distributor Ausgrid, supports the growth of neighbourhood-level mid-sized batteries
Media contact:
mediarelations@energyaustralia.com.au