AGL Energy (AGL) Status Update summary

Decarbonisation progress and targets

• Over AUD 3 billion deployed or committed to decarbonisation since 2022, with a total AUD 10 billion investment planned by 2035.

• Exceeded annual Scope 1 and 2 emissions reduction targets, achieving over 29% reduction from FY 2019 levels in FY 2025.

• Committed to net zero Scope 1 and 2 emissions post-coal closure and net zero for Scope 1, 2, and 3 by 2050.

• Strengthened interim targets: 19% gross reduction in Scope 1 and 2 emissions from 2027, and 90% gross reduction post-coal closure.

• No offsets planned for interim targets; direct emissions reductions prioritized.

Renewable and firming capacity pipeline

• Renewable and firming project pipeline tripled since 2022 to 9.6 GW, with a target of 12 GW by 2035.

• Interim target increased to 6 GW by FY 2030, with at least 3 GW of grid-scale batteries.

• Development pipeline offers optionality; planning and grid connection are key execution risks.

• Partnerships and offtakes are preferred for renewable projects, with a focus on capital efficiency.

Customer and community initiatives

• Launched Electrify Now platform and expanded VPP, orchestrating hot water loads for nearly 100,000 customers.

• Expanded EV ecosystem and forecast to power over 1 million EVs by 2035.

• Targeting 2.5 GW of demand side flexibility by FY 2027 and 300 MW of customer assets installed by FY 2027.

• Community engagement and support for vulnerable customers integrated into transition strategy.