Stanwell Corporation chief executive officer Richard Van Breda has revealed that the company plans to gradually step away from its coal-fired assets as it transitions to renewable energy to meet emissions targets.
The company will be introducing zero or low emission generation technologies while also focussing on green hydrogen.
The end of life dates for Stanwell’s coal fired assets range between 2038 and 2042.
Stanwell owns the Meandu coal mine in Queensland, which supplies up to 7 million tonnes per year.
The Meandu coal mine is operated by Downer Mining and the contractor was awarded a five-year mining services agreement in 2020.
Stanwell stated the portfolio transformation would be undertaken to “remain relevant to its customers”.
Van Breda, who spoke at the Central Queensland Energy Futures Summit in Gladstone today, said the company would be planning to address its affected workers and communities, which would be impacted by Stanwell’s move away from coal.
“The plans our host communities develop in partnership with government, local councils, industry and advocacy groups will ensure the long-term economic resilience of their regions,” he said.
“While the communities themselves must own these plans, we will engage with them throughout the planning process, playing a supporting role and sharing our future plans.”
The company plans to operate its coal-fired power stations in response to market requirements.
Stanwell’s coal-fired power station may operate with seasonal storage of generating units or by placing units into standby mode under the proposed move.
Van Breda said the company’s Stanwell and Tarong power stations, along with the Meandu mine, would also play an “important role” in the transition.
The Meandu mine supplies coal to its Tarong power station in Queensland.
“Australia is undergoing a major energy transition and it’s happening at a rapid pace,” Van Breda said.
“Over the coming years, Stanwell will respond to the renewable energy needs of our large commercial and industrial customers through the introduction of new low or zero emission generation technologies. We will also strive to play a central role in the emerging green hydrogen industry.”
Stanwell receives coal form Coronado’s Curragh mine to fuel the Stanwell power station. It also owns the Kunioon and MDL 360 coal resources in Queensland.