Canadian fund manager Brookfield and tech billionaire Mike Cannon-Brookes have launched a bid to take over Australian energy giant AGL and set stronger emissions-reduction targets that would force earlier closures of its remaining coal-fired power stations.
It comes after AGL earlier this month said it would remove coal from its power generation mix at least three years sooner than initially planned. The closure of AGL’s Bayswater plant in New South Wales would be fast-tracked from 2035 to no later than 2033, the company said, while Victoria’s Loy Yang A plant would retire by 2045 instead of 2048.
AGL’s power stations are Australia’s largest source of planet-heating greenhouses gases, accounting for about 8 per cent of national emissions.Credit:The viability of coal-burning power stations which provide the bulk of Australia’s electricity needs has increasingly been in doubt as the rapid rise of cheaper-to-run renewable energy drives daytime wholesale power prices to levels where fossil fuels are struggling to compete.
NickToscano1 'then you need to go into it the way it would normally happen in the corporate world, and you pay a ‘control premium’ which typically is 30, 40, 50 per cent' Really, is that how it happens in the corporate world? Given the company's performance, 10 per cent is being generous.
NickToscano1 and replace them with…
NickToscano1 AGL will say no.If the government wants them to change,pay for it and much more than this opportunist.
NickToscano1 Interested in money or the environment 😉
NickToscano1
dlewis89 NickToscano1 Why?
NickToscano1 Good onya Mike and Brookfield!
deniseshrivell NickToscano1 Go Mike, I hope you are successful in your endeavours & thank you for all of your efforts regarding climate change & for your help for the bushfire victims. I wish we had more people willing to help where they could.
NickToscano1 Like a monopoly game - buy the energy company!!
AngryGranny1 NickToscano1 Wicked idea
NickToscano1 They are trying to cause Matt Canavan a breakdown? I like it..
NickToscano1 What price for AGL are they talking?
TisErni NickToscano1 Apparently Matt Canavan has not taken this news very well.
NickToscano1 Why didn’t he just buy the Labor Party with that $ and start it all again
NickToscano1 What a great idea. Let’s turn the power off before we can fully implement reliable renewable energy sources. I hope Mike Cannon-Brookes realises that every single one of his clients uses electricity to make him rich. Maybe he forgot their computers use power. 🤔
NickToscano1 Still owes his Tyro users Don’t trust him ever
NickToscano1 Brookfield are only interested in the dollar. The have history in running down businesses after takeovers. Bad move imo.
NickToscano1 Old Angus is gonna blow up over this.
NickToscano1 Alan Kohler tipped this
TedTexaco NickToscano1 That’s all we need another billionaire to extract wealth from our power network instead of it being owned by Australian interests. Only real way to control power costs is for our infrastructure to be government owned.
NickToscano1 I was there when it was built.
NickToscano1 mcannonbrookes 1/2 Would any takeover involve working with the regions affected on a proactive transition strategy? Grew up in Latrobe Valley and while I'm all for shutting it down ASAP, Gov has routinely been caught a min late, $ short in transitioning the community.
NickToscano1 Interesting! People just want cheap, reliable energy to provide their standard of living. Try living without power, when outages happen. Its a nightmare.
NickToscano1 Has he considered taking his own company net zero instead
NickToscano1 Wow!
NickToscano1 Brilliant idea! And I the process show Australia that we DON’T NEED fossil fuels!! 👍🏼🇦🇺🔋
NickToscano1 The sooner the better ClimateAction