September 14, 2022
Others
Idemitsu begins a commercialization feasibility study of a pumped-storage hydroelectricity using mined areas of Muswellbrook Coal Mine in Australia
Idemitsu Kosan Co., Ltd. (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Shunichi Kito, hereinafter referred to as "the Company") will begin a detailed commercialization feasibility study (Hereinafter referred to as the "feasibility study") in September for a pumped-storage hydroelectricity using mined areas of Muswellbrook Coal Mine in Australia, in which the Company owns an interest. The feasibility study will be conducted through Muswellbrook Pumped Hydro Pty Ltd (Head Office: Sydney, Australia), a company jointly established by the Company and AGL Energy Ltd., a major Australian power company, and has also signed a Funding Agreement with the New South Wales government (up to AUD 9.45 million (approximately JPY 920 million)).
Opened in 1907, the Muswellbrook Coal Mine, in which the Company acquired an interest in 1989, has a history of more than 100 years. Although coal mining will cease this year, the Company is considering utilizing the former mine site as a base for a variety of renewable energy sources, leveraging the business base it has built up in Australia over a span of many years. As one of the projects involved, the Company alongside AGL, has been conducting basic verification since August 2019 for the commercialization of pumped-storage hydroelectricity, focusing on previously mined areas of the Mine and on adjoining mountainous terrain (Bells Mountain). Since, as a result of the basic verification, it has been confirmed that construction of the proposed concept is technically feasible, the project will now move on to detailed feasibility studies, including geological surveys, grid connection, and construction cost calculations for commercialization.
Australia is attracting attention for its abundant potential for renewable energy with favorable wind conditions, sunshine, and other climatic conditions as well as its expansive land area. The government appears to be promoting energy transformation aimed at realization of decarbonization and is encouraging the introduction of a variety of renewable energy sources such as solar and wind power. Since there is a gap between the timing of power generation and power demand for these renewable energies, and there are issues in stabilizing the power system to expand its introduction, large-scale energy storage using pumped-storage will contribute to power system stabilization and serve as a bridge to transition to renewable energy.
While leveraging the business foundation that has been developed through coal mining operations over the past 40 years, the Company will continue to proactively support Australia's energy transition and create low-carbon and decarbonized businesses.
[Reference]
July, 26, 2019, Idemitsu begins studies on commercialization of pumped-storage hydroelectricity using mined areas of Muswellbrook Coal Mine in Australia
https://www.idemitsu.com/jp/news/2019/190726_2.html
The views expressed herein are not necessarily the views of the NSW Government. The NSW Government does not accept responsibility for any information or advice contained herein.
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Idemitsu Kosan Co.,Ltd. Public Relations Department, Public Relations Division