Australia’s biggest energy producer dumps plan to carve off its coal-fired power stations and its bosses QUIT in huge victory for greenie tech billionaire after relentless campaign
- AGL Energy announced it’s dumping plans to demerge coal-fired power plants
- Chief executive Graeme Hunt and chairman Peter Botten are both resigning
- Billionaire climate activist Mike Cannon-Brookes owns 11.8 per cent AGL stake
- He used his share to stop demerger winning the necessary 75 per cent support
Australia’s largest energy producer AGL has dumped plans to demerge its coal-fired power stations following a campaign from billionaire climate change activist Mike Cannon-Brookes.
AGL Energy on Monday announced it would kill off plans to separate AGL Energy into AGL Australia and Accel Energy, with both the chief executive Graeme Hunter and chairman Peter Botten resigning as a result.
Mr Cannon-Brookes, Australia’s second richest man with an estimated fortune of $27.87billion, used his 11.8 per cent share in AGL Energy via Grok Ventures to kill off the demerger proposal.
Australia’s largest energy producer AGL has dumped plans to demerge its coal-fired power stations following a campaign from billionaire climate change activist Mike Cannon-Brookes (pictured is the Liddell power station at Muswellbrook in the NSW Hunter Valley that is closing in April 2023)
AGL Energy told the Australian Securities Exchange on Monday, before the market opened, this meant it wouldn’t have the 75 per cent approval threshold among shareholders to make a demerger happen.
Chief executive Graeme Hunt and chairman Peter Botten are both resigning.
Jacqueline Hey also quit as a non-executive director, effective Monday.
Diane Smith-Gander will resign from the AGL Energy board following the release of its full-year results in August.
Mr Cannon-Brookes, a co-founder of workplace software giant Atlassian, wants AGL Energy to bring forward the closure of its coal-fired power stations, with the Liddell plant at Muswellbrook in the New South Wales Hunter Valley already closing in April 2023.
Last month, AGL Energy announced the Liddell plant, commissioned in 1971, would be converted into am ‘integrated, low-carbon industrial energy hub’.