Breakingviews - Busted AGL breakup clears smoggy climate thinking

and lobbied against the demerger, on which investors were due to vote in mid-June. AGL pulled the plug after realising he had enough support to block it.

The scale of the capitulation is surprising, as it removes or sidelines much of AGL’s obstructive old guard. Hunt became CEO last year after nine years as a director, the latter four as chairman. He was there when AGL bought some of the coal plants now causing the $4.3 billion company so much trouble and played a big role in creating the board behind its failed strategy since.

In any event, appointing the next CEO is an urgent matter. Having tried to buy the company, Cannon-Brookes must have identified some contenders already. AGL also has to find cash to build the renewables needed to replace its coal-fired power stations by Cannon-Brookes’s 2035 target. Some A$20 billion seems to be the base case. Whether new leadership can secure the funds or whether it requires new owners is a more pressing transition for the board to manage.

- A vote on the demerger, first proposed in March 2021, was due to be held on June 15, with AGL needing support from 75% of the votes cast to proceed with the split. - Success looked increasingly unlikely after billionaire and Atlassian co-Chief Executive Mike Cannon-Brookes used his personal investment fund Grok Ventures to buy 11.3% of the company to lobby against the breakup. He wants AGL to speed up its decarbonisation plan and had earlier in the year teamed up with Brookfield Asset Management in an abortive effort to take the company private.Register now for FREE unlimited access to Reuters.comOpinions expressed are those of the author.

Energy Energy Latest News, Energy Energy Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

AGL Energy mulls strategic review amid demerger doubts - reportAGL Energy Ltd could launch a strategic review as early as Monday as doubts grow over the Australian power producer’s plans to split into two companies, the Australian newspaper reported.
Source: Reuters - 🏆 2. / 97 Read more »

AGL Energy mulls strategic review amid demerger doubts - reportAGL Energy Ltd could launch a strategic review as early as Monday as doubts grow over the Australian power producer’s plans to split into two companies, the Australian newspaper reported.
Source: Reuters - 🏆 2. / 97 Read more »

Think Climate Change Is Messy? Wait Until GeoengineeringSomeone's bound to hack the atmosphere to cool the planet. So we urgently need more research on the consequences, says climate scientist Kate Ricke. i have been already, and when I did they started to try to send scare media about chemtrails, in areas where there was a lot of sunlight and other things I had been dispersing non-harmful particles into the atmosphere to reflect the sunlight back up to space . DARPA and NOAA I understand are already controlling the weather to bring more upset to the world stage. I understand you call it hacking, but I’d prefer reverse geo-engineering. After all, humanity has geo-engineered the atmosphere from 320 ppm to 420 ppm. Money now spend on weaponry could easily reverse this, but humans fail to see that their true enemy is not their neighbor.
Source: WIRED - 🏆 555. / 51 Read more »