The Origin Energy Ltd (ASX: ORG) share price is in focus today after the company announced it will extend operations at the Eraring Power Station until April 2029, providing up to two more years of support for NSW’s electricity grid and further certainty for energy users.
What did Origin Energy report?
- Eraring Power Station operations extended from August 2027 to 30 April 2029
- No major maintenance overhauls planned ahead of revised closure
- Eraring Battery’s final stages expected online by early 2027, lifting storage capacity to 700MW/3,160MWh
- Extension aligns with existing NSW Government agreement and is not expected to impact 2030 emissions targets
- Eraring Community Fund remains in place to support local projects through 2032
What else do investors need to know?
The decision to keep Eraring Power Station open longer comes after Origin assessed customer needs, market conditions, and AEMO’s advice on system security risks in NSW. While renewables and new battery storage projects are progressing, Origin says continued coal-powered generation is needed to maintain reliable supply for homes and businesses over the transition.
Origin confirmed it will not invest in further major maintenance for Eraring ahead of the 2029 closure and reiterated its aim for net zero emissions by 2050. The company will keep supporting employees through its Future Directions program, which has already funded 525 training courses, and continue backing local communities around Eraring with its $5 million Community Fund.
What did Origin Energy management say?
Origin CEO Frank Calabria said:
Our decision to keep Eraring operating until April 2029 provides more time for renewables, storage and transmission projects to be delivered, and reflects uncertainty regarding the reliability of Australia’s aging coal and gas fleet. We are pleased to provide greater certainty for the community, our people and the market about Eraring’s future, and I want to commend the professionalism and focus of the Eraring team in continuing to maintain and operate the plant reliably given the vital role it continues to play for energy users in NSW.
What’s next for Origin Energy?
Origin has signalled that the extension should not derail the company’s climate goals, with scope remaining to meet its 2030 emissions reduction targets and longer-term net zero ambitions. After Eraring’s closure in 2029, Origin will focus on its large-scale battery and other clean energy assets at the site.
The final stages of the 700MW/3,160MWh Eraring Battery are due online in early 2027. This should deliver about 4.5 hours of storage, positioning Origin to play a key part in supporting NSW’s energy transition away from coal.
Origin Energy share price snapshot
Over the past 12 months, the Origin Energy share price has declined 1%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 6% over the same period.
The post Origin Energy to keep Eraring Power Station running until 2029 appeared first on The Motley Fool Australia.
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