AGL Energy has issued a massive profit upgrade as it prepares to slug customers with bill increases of up to 30 percent, igniting the share price. Shares in Australia’s largest electricity generator surged 11.3 percent or $1.09 (US$0.75) to $10.75 (US$7.4) in afternoon trade as the top performing stock on June 16. As Australia’s largest…
AGL to Close South Australia Power Plant
Power company AGL Energy will close its gas-fired Torrens Island B power station in South Australia in 2026. The company says the decision follows careful consideration and extensive consultation with stakeholders, including the SA government. It believes the power station will no longer be viable following the completion of the electricity interconnector between SA and NSW…
Global ‘Green’ Investor Lobs $18 Billion Bid for Major Energy Firm to Speed up Net-Zero
November 9, 2022
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AGL EnergyAustraliaBrookfield Asset ManagementBusiness & MarketsCompaniesenergyInternationalMike Cannon-BrookesOrigin EnergyWorld
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One of the world’s largest “alternative” asset managers, Brookfield has lobbed an $18.4 billion (US$11.82 billion) takeover of one of Australia’s largest energy suppliers in a move likely to hasten the country’s net zero push. Headquartered in Toronto, Brookfield Asset Management has put a combined bid along with its affiliates to buy out Sydney-based Origin…
Major ‘Green’ Investor Lobs $18 Billion Bid for Australian Energy Firm to Speed up Net-Zero
November 9, 2022
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AGL EnergyAustraliaBrookfield Asset ManagementBusiness & MarketsCompaniesenergyInternationalMike Cannon-BrookesOrigin EnergyWorld
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One of the world’s largest “alternative” asset managers, Brookfield has lobbed an $18.4 billion (US$11.82 billion) takeover of one of Australia’s largest energy suppliers in a move likely to hasten the country’s net zero push. Headquartered in Toronto, Brookfield Asset Management has put a combined bid along with its affiliates to buy out Sydney-based Origin…
Global ‘Green’ Investor Lobs $18 Billion Bid for Australian Energy Firm to Speed up Net-Zero
November 9, 2022
admin
AGL EnergyAustraliaBrookfield Asset ManagementBusiness & MarketsCompaniesenergyInternationalMike Cannon-BrookesOrigin EnergyWorld
0 Comment
One of the world’s largest “alternative” asset managers, Brookfield has lobbed an $18.4 billion (US$11.82 billion) takeover of one of Australia’s largest energy suppliers in a move likely to hasten the country’s net zero push. Headquartered in Toronto, Brookfield Asset Management has put a combined bid along with its affiliates to buy out Sydney-based Origin…
Rejigging Australia’s Troubled Energy Grid Could Cost Consumers: AGL Energy
August 5, 2022
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AGL EnergyAustraliaAustralian Energy Market OperatorBusiness & Marketseconomic policiesenergyenergy security boardInternationalNational Electricity Marketnet zeroWorld
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Australian energy giant AGL has warned proposed sweeping changes to the operation of the country’s electricity market may result in higher prices for customers. Following major disruptions to the energy grid in June—with the Australian Industry Group describing it as “apocalyptic“—authorities were forced to suspend the National Electricity Market (NEM) to ensure households and businesses…
‘Big 3’ Power Providers Announce Price Hikes Amid Ongoing Energy Volatility
July 6, 2022
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AGL EnergyAustraliaBusiness & Marketseconomic policiesEnergyAustraliaInternationalMarketsnet zeroOrigin EnergyWorld
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Households and businesses in Australia will pay more for electricity and gas in the coming months as energy providers work to deal with soaring wholesale costs. The latest of the “Big Three” energy providers, EnergyAustralia, announced its price hikes set to affect around two-thirds of its 2.4 million customers on Aug. 1. The other one-third…
AGL Energy Withdraws Demerger Plan, Announces Board Renewal
AGL Energy scrapped its demerger plan on May 30 after facing strong opposition from its largest shareholder–tech billionaire Mike Cannon-Brookes. In its latest statement, the company said that it was unlikely for the demerger proposal to get the necessary support from three-quarters of the shareholders for the proposition at the June 15 shareholder meeting. “While…
Australian Billionaire Cannon-Brookes Settles 11.3 Percent Stake Buy in AGL Energy
Australian tech billionaire Mike Cannon-Brookes’ firm Grok Ventures said on Wednesday it settled an 11.28 percent stake purchase in AGL Energy worth A$650 million ($455.33 million) with J.P. Morgan. Cannon-Brookes, the co-CEO of software firm Atlassian and a vocal climate activist, had gained the AGL stake earlier this month by converting a part of his…
Australian Green Billionaire Confronts Energy Giant Over Demerger Plan
Australian tech billionaire and climate activist Mike Cannon-Brookes has clashed with AGL Energy’s board over its demerger plans after becoming the company’s largest shareholder. This clash comes just short of two months after Cannon-Brookes failed to take over Australia’s largest electricity generator in March to speed up the company’s decarbonisation process. The co-founder of the…
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