Major Australian Coal-Fired Station Gladstone Set to Close Six Years Early

Core Insights - The Gladstone Power Station in Australia plans to close six years earlier than previously announced, potentially retiring in March 2029 instead of 2035, as stated by majority shareholder Rio Tinto Plc [1][4] - Gladstone is the largest power plant in Queensland, contributing over 7% of Australia's coal-generation capacity at 1,680 megawatts, with approximately 4 million metric tons of coal supplied annually [2] - The closure announcement aligns with Australia's commitment to reduce greenhouse gas emissions by 62% to 70% by 2035 from 2005 levels, although this target is below the 71% reduction needed for a credible net-zero pathway by mid-century [3] Company and Industry Summary - The owners of Gladstone will explore future options for the site and engage with the energy market to inform the retirement strategy, while existing power supply contracts will remain until closure [4] - Private investors are increasingly exiting the coal sector, recognizing the economic viability of renewable energy sources supported by batteries [5] - Australia's aging coal fleet is expected to close within the next decade, facing challenges such as frequent outages and higher operational costs compared to solar, wind, and combined-cycle gas turbines [6]