The
squatter James Rintoul established a stock run in the 1840s at the place where Sheepwash Creek meets the Latrobe River, which he called "Loy Yang", an Aboriginal name meaning "Big Eel". In 1992, the Labor government sold a 51% stake of Loy Yang B to Mission Energy. Later Edison Mission bought the complete plant, and later again sold it to the joint venture International Power Mitsui. The Loy Yang complex was privatised in 1995, as were most of the assets of the SECV. In 1995, Loy Yang B was the world's first coal-fired power station to gain quality accreditation to ISO 9001 and the first Australian power station to gain environmental accreditation to ISO 14001. In March 2010, it was announced that the operators of Loy Yang A (Loy Yang Power) signed a contract with
Alcoa World Alumina & Chemicals Australia for the supply of electricity to power aluminium smelters at
Portland and
Point Henry until 2036. The Point Henry Smelter ceased operation in 2014 and is now closed. In June 2012, AGL Energy acquired Loy Yang A and the Loy Yang coal mine. In 2020, AGL announced plans to build a 200 MW / 800 MWh (4 hours)
battery storage power station at Loy Yang A to increase flexibility. Until November 2017, Loy Yang B was jointly owned by
Engie (formerly GDF Suez Australia), which held a 70% stake, and
Mitsui & Co with 30%. In November 2017, Engie sold Loy Yang B to
Chow Tai Fook Enterprises for a reported AU$1.2 billion, despite some reported that it was acquired by Chow Tai Fook Enterprises' subsidiary
Alinta Energy instead. In February 2024, all four units at Loy Yang A shut down after two transmission lines collapsed, while Loy Yang B continued operation. Wholesale power prices soared to the market cap at $16.6/kWh. == Greenhouse gas emissions ==