Power giant AGL will stand behind its decision to reject all but one of the candidates for its board put forward by billionaire investor Mike Cannon-Brookes.
Tech billionaire Mike Cannon-Brookes is ready to renew his stoush with AGL Energy’s board,after the company rejected all but one of the candidates hand-picked by its biggest shareholder.
Labour shortages and supply chain issues could potentially complicate the energy giant’s earlier-than-expected exit from coal.
AGL’s move signals closures of Australia’s ageing coal plants will only keep accelerating,piling pressure on the federal government’s $20 billion promise to upgrade the electricity grid and lower prices.
CBA chairman Paul O’Malley says governments,businesses,unions and communities need to start planning to ensure a fair transition for coal-dependent areas.
A whiplash inducing strategic swivel allows the energy heavyweight to move from being Australia’s largest polluter and rebrand itself as a decarbonisation saviour.
AGL’s largest shareholder Mike Cannon-Brookes has backed the energy giant’s early exit from coal,but will push ahead with plans to shake up the company’s board.
The likely early closure of two major coal-fired power plants in Victoria and NSW signals the rapidly decreasing economic viability of Australia’s ageing and polluting coal fleet.
AGL has reported a sharp fall in underlying profit after a turbulent year of volatile prices,power plant outages and an uprising by billionaire investor Mike Cannon-Brookes.
Power companies are opposing a key energy policy designed to help Labor deliver its climate ambitions,but experts say state ministers can ease the stand-off.
Energy giants AGL and Snowy Hydro have taken aim at the government’s controversial strategy to shore up the power grid by paying generators to be on standby.