Origin Energy will push ahead with plans to close Eraring power station in mid-2025 after announcing a $1.03 billion net profit for the last financial year.
"There's no real change to what we've previously said," Origin chief executive Frank Calabria told analysts.
He added that the company would continue to assess market conditions before making a final decision.
The company's update follows growing speculation that it may be necessary to keep the 2.88 gigawatt coal-fired generator running beyond 2025 in order to compensate for the slow rollout of clean energy generating technologies.
The State Government has indicated it may make a deal with Origin to help keep Eraring, which employs about 500 people, open for longer if it is required to provide grid stability.
Earlier this year Origin accepted an $18.7 billion bid from a consortium comprising Brookfield and Mid Ocean Energy.
The takeover, which is still subject to regulatory approval, is not likely to be completed before early 2024.
Brookfield said while the company was keen to progress the closure of Eraring, it did not want consumers to be adversely affected.
It has pledged to build 14 gigawatts of new renewable and storage generation in Australia over the next decade.
Origin has committed to building a $600 million, 460 megawatt battery on the site of Eraring Power Station, which will play a critical role in stabilising the energy grid following the power station's closure.
Stage one will involve the construction of a 460 megawatt battery storage system with a dispatch duration of two hours. It is anticipated the battery come online in the final quarter of 2025.
Origin has the option to increase the battery to 700 megawatt and four hours dispatch duration in the future.
Work is also progressing on the construction of the Waratah Super Battery at the site of the former Munmorah Power Station.
The 850 megawatt (1680 megawatts-hours) battery is designed to act as a 'shock absorber' in the event of power surges caused by bushfires and lightning strikes.
Akaysha Energy is responsible for the construction and operation of the battery. It is due to be completed in 2025, before the earliest possible closure of the Eraring Power Station in August 2025.
The project received planning approval earlier this year.
Eraring workers rallied in April to support the establishment of the Federal Government's Net Zero Authority.
The authority, to be chaired by Greg Combet, will ensure that workers, industries and communities are not left behind in the pursuit of net zero carbon goals.
It will help workers access new employment, skills and support, support regions and communities take advantage of new clean energy industries, and assist investors and companies to engage with net zero opportunities.
