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EnergyAustralia today announced an improvement in earnings for the first half of 2024, led by enhancements in performance from its generation assets and retail business.
Announced in Hong Kong as part of CLP Holdings’ interim results for the 2024 financial (calendar) year, EnergyAustralia delivered an H1 EBITDAF of $432M (NPATF* $119M). This result is an improvement from EBITDAF of $91M (NPATF* -$112M) in H1 2023.
EnergyAustralia Managing Director Mark Collette said: “I am pleased that we have managed to sustain the momentum from 2023.
“EnergyAustralia’s coal assets remain critical for the continued security of Australia’s energy system. Mt Piper is New South Wales’s youngest and most flexible coal-fired power station. During the year we have continued to invest in that flexibility to support integrating renewables and meeting NSW customer demand. At Yallourn, our maintenance programme is on track to be largely completed by the end of 2024.
“We continue to invest to lead and accelerate the clean energy transition. Our fast-start Tallawarra B gas-fired power station commercially entered the National Electricity Market on June 18 and has supported market requirements every day since its operation. Tallawarra B illustrates the critical importance of flexible, dispatchable generation for system reliability during the energy transition.
In July, EnergyAustralia announced an innovative 12-year ‘virtual toll’ offtake agreement with Akaysha Energy, backed by its Orana Battery Energy Storage System (BESS), due to commence commercial operations in 2026.
“EnergyAustralia continues to develop the firming capacity required to complement renewable generation capacity as coal retires. Our battery projects at Wooreen, Mt Piper and Hallett continue to progress. Our pumped hydro project at Lake Lyell was recently declared Critical State Significant Infrastructure by the New South Wales government.
“Our retail business performance improved as we continue to focus on providing competitive, affordable energy services for our customers.
“Many Australians are feeling the impacts of the rising cost of living. To any EnergyAustralia customer facing difficulties, please call us so we can help.
“We continue to support our customers through our EnergyAssist programme. We welcome the energy assistance initiatives introduced by the Australian Government, which we hope will alleviate some financial pressure on customers in the second half of the year.
“We are committed to continuing to work with customers, industry and governments on changes to accelerate investment in the energy transition and deliver predictability for Australian energy consumers”, said Mr Collette.
For media inquiries contact:
Stuart Allott: stuart.allott@energyaustralia.com.au