Australia’s biggest energy producer could scrap controversial plan to carve off its coal-fired power stations after relentless campaign by greenie tech billionaire
Australia’s biggest energy producer AGL could scrap a controversial plan to carve off its coal-fired power stations amid growing concerns over the proposal.
The power giant was set to take a possible demerger to vote on June 15, with 75 per cent of shareholders votes needed to proceed.
But the company could instead announce a strategic review of the company on Monday amid speculation that a division into separate retail and generation units may not have enough support from shareholders.
The electrical company was considering its options on Sunday, sources told The Australian, including the possibility of announcing a strategic review that would boost the chances of AGL being sold off.
The news comes after tech billionaire and green advocate Mike Cannon-Brookes embarked on a relentless high-profile campaign against the demerger.
Mr Cannon-Brookes, who is an anti-coal activist and pro renewable energy, is AGL’s biggest investor, owning a 11.3 per cent stake.
More to come.