AGL’s controversial plan to spin off its coal-fired power stations is in doubt as the company’s board considers walking away from the demerger amid pressure from tech billionaire Mike Cannon-Brookes and concerns over the voting intentions of other investors.
AGL’s coal- and gas-fired power stations are the biggest sources of greenhouse gas emissions in Australia, accounting for 8 per cent of the nation’s carbon footprint. Additionally, Cannon-Brookes’ investment firm Grok has increasing confidence that large shareholders will vote against the demerger rather than abstain as it was speculated they might do.The company first announced plans to split in two in June last year, a move that investors questioned at the time.
It also said it was concerned about the risk of coal power stations becoming “stranded assets”, and believed the board had failed to adequately outline how it would support communities affected by the eventual closures of those plants.
Source: News Formal (newsformal.com)
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AGL demerger plan in doubt amid mounting oppositionAGL is considering walking away from its controversial plan to split up the company’s coal and retail divisions amid pressure from shareholders. NickToscano1 domp Woo hoo. Gooooo Mike! NickToscano1 domp Why is everyone so worried about a couple of small coal fired power stations in Australia, when China is building new ones by the dozen? Whatever reductions we make are instantly undermined by China's increase in emissions. The Wookie is only here to line his pockets.
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AGL demerger plan in doubt amid mounting oppositionAGL is considering walking away from its controversial plan to split up the company’s coal and retail divisions amid pressure from shareholders. NickToscano1 domp Woo hoo. Gooooo Mike! NickToscano1 domp Why is everyone so worried about a couple of small coal fired power stations in Australia, when China is building new ones by the dozen? Whatever reductions we make are instantly undermined by China's increase in emissions. The Wookie is only here to line his pockets.
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