Blinded by the smog of war there was nowhere for the AGL board to go - it has been ambushed by billionaire Mike Cannon-Brookes and a team of large investors who skilfully choreographed their strategy on the corporate stage.
The push by Cannon-Brookes’ Grok, and others like-minded industry funds group - HESTA, UK investor outfit Martin Currie, Brookfield, Van Eck and a coalition of smaller activist investors - picked up an 18 to 19 per cent shareholding in AGL, enough muscle to get the job done. AGL was foiled in its attempts to demerge its retail business from its wholesale coal generation business in May, prompting the departure of its chief executive and chairman. Since then, the company has been largely rudderless in leadership.And that has further opened the door to Cannon-Brookes to stamp his influence all over AGL, as evidenced a few weeks back when the company’s attempt to install its choice of a new chairman, Paula Dwyer, was stymied by shareholders, including Grok.
When queried by investors on how AGL could explain a complete strategic about face in a matter of six months, interim chief executive Damien Nicks argued much had changed over that time. According to Nicks, the accelerated push to decarbonisation meant AGL would find it difficult to borrow money from banks or raise money from shareholders without a structural move away from high emissions.
EKnightOfficial when the lights go out we will go looking for the woke Cannon-Brookes who will no doubt have his generator running
EKnightOfficial Good to see those with money actually doing something other than just stealing sovereign wealth
EKnightOfficial Fools and their money…….
EKnightOfficial ThAnk You VeRy MuCh. LoVe ChiNa. . . SeE you ON thE BeAch 2026.
EKnightOfficial So this fool will trash our living standards and productivity so he can virtue signal to his mates in Davos? It's not like he will care if the cost of power rises dramatically.
EKnightOfficial Entertaining to see the over represented climate skeptics amongst conservatives have their 'free market' turn against them🍿
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AGL puts $20bn price tag on early coal exitAustralia’s biggest carbon emitter says its needs $20 billion to expedite its move away from coal-fired power generation by 2035. angusthomson_ SimoneFoxKoob Destroying Australia's energy security is economic vandalism.
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AGL puts $20bn price tag on early coal exitEnergy giant AGL says its needs $20 billion to expedite its move away from coal-fired power generation and achieve net-zero by 2035. | angusthomson_ and SimoneFoxKoob angusthomson_ SimoneFoxKoob I’m sure the taxpayer will foot the bill for them. Little Aussie battler Cannon Brookes won’t put his money on the line, just ours. angusthomson_ SimoneFoxKoob 😄😄😄 angusthomson_ SimoneFoxKoob The energy industry is just so damn broken. Any politician that says energy prices will get cheaper at any time during the next 30 years is a flat out liar.
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Why Australia's biggest carbon emitter AGL is accelerating its exit from coalAGL has announced it will shut down of all of its coal-fired power plants by 2035 in response to customer, shareholder, and government pressure. Australia is screwed. Unreliable energy managed by incompetent corrupt governments. You forgot to mention that Brookes is one of Australias largest investors in solar farms. By forcing the closure of the plant he stands take make a fortune. I would feel more comfortable if they said they were shutting down bcz Australia’s renewables will be ready to our needs (hint: we won’t) rather than because of pressure.
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AGL will close Victoria’s coal-fired power station Loy Yang A a decade earlyEnergy company accelerates its exit from coal, although timeline for closure of Bayswater in the NSW Hunter Valley remains unchanged Hope they have backups to the backups 😃 Ridiculous. Must be an election year. Remember you will be happy. WEF
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Mike Cannon-Brookes to back new AGL board members in bid to clean up climate polluterTech billionaire will support four independent non-executive directors to transform the company
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AGL signals the end of coal. Now the hard work really beginsANALYSIS: Australia is on the slow march to net zero emissions by 2050, but the exit of coal from our energy grid by 2035 will be anything but a smooth ride. Are you following news from Europe? 🙄 When you are a monopoly provider in certain regions it is not a hard decision to change technologies. You just pass on the extra costs to your customers. If you had to compete for customers it would be a different story.
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