Power Giant Urges Australia to Exclude Coal in Its Clean Target

Australia's largest power generator, AGL Energy Ltd., has urged the government to exclude coal from its planned clean energy target and said there is no appetite among private investors to fund new coal-fired power plants.

AGL, which sources 77 percent of its electricity generation from coal, said including the fossil fuel in the target would send the wrong signal for the industry, which should prioritize more low-cost, efficient clean energy alternatives.

"The danger is you convince yourself that you see coal in your future and therefore if it doesn't happen and the markets don't deliver it, the government may step in and do it," AGL Chief Executive Officer Andy Vesey said in an interview on Thursday. "The industry is not going to invest in things that don't make sense."