Ampol, one of Australia’s largest fuel station operators, is scaling back its ambitious plans to roll out 300 electric vehicle (EV) charging bays by the end of this year, citing challenges with connecting to the congested power grid.
Just weeks after announcing its intention to expand its EV charging infrastructure from 92 to 300 bays, Ampol CEO Matt Halliday revealed that the company will fall short of this target. The grid congestion, exacerbated by the influx of renewable energy, has made it difficult for Ampol to secure the necessary access to power lines, according to the Australian Financial Review.
This setback comes as Ampol also reports a significant drop in its financial performance. The company’s net profit for the first half of the year fell by 29% to $233.7 million, leading to a 35% cut in its interim dividend, now reduced to 60 cents per share.
Currently, Ampol operates 92 charging bays across 41 sites, with 36 additional bays awaiting power connections. The company had previously received a $100 million federal grant to support its expansion of fast chargers.
In addition to its EV charging efforts, Ampol is exploring the potential of renewable fuels. The company has entered a memorandum of understanding with GrainCorp to investigate renewable fuel supply in Australia and is trailing a 20% biodiesel blend with Australian construction firm Hanson.
