Share this on social media
Why is a tech billionaire trying to buy Australia’s dirtiest energy company AGL?
(The Guardian, 21 Feb 2022) Mike Cannon-Brookes believes backing renewable energy over old coal power plants will keep electricity prices down, create jobs and slash emissions – is he right?
What exactly is being proposed?
It is, by any measure, an extraordinary intervention in Australia’s rapidly evolving electricity market. A consortium worth hundreds of billions of dollars on Saturday lodged a formal offer to buy AGL Energy – the country’s biggest greenhouse gas emitter – for just short of 5% above the closing share price on Friday.
The headline name behind the bid is Mike Cannon-Brookes, the 42-year-old co-founder of software company Atlassian, green solutions investor, climate action advocate and one of Australia’s richest people. But in reality, Cannon-Brookes’ company Grok Ventures is the smaller player in the consortium, which is led by Brookfield, a Canadian investment giant with $688bn worth of assets under management last year. Including AGL’s debt, the bid was just short of A$8bn.
Why are they doing it?
According to the main players, a significant part of the motivation is to close and replace the company’s coal-fired power plants and prevent a controversial demerger that would hive off those coal plants from AGL into a new entity called Accel Energy.
External link
The Guardian, 21 Feb 2022: Why is a tech billionaire trying to buy Australia’s dirtiest energy company AGL?More Related News
Coal exit
26 Apr 2024: New rule compels US coal-fired power plants to capture emissions – or shut down
23 Apr 2024: China can't quit coal by 2040, researchers say, despite global climate goals
16 Apr 2024: ‘Right time to revisit’ managed coal phase-out in Japan: GFANZ APAC
12 Apr 2024: China responsible for 95% of new coal power construction in 2023, report says
2 Apr 2024: Coal phase-out: Germany shuts down 15 coal-fired power plants
14 Mar 2024: Europe’s coal legacy remains a major climate hurdle
8 Mar 2024: Departing from coal: Poland’s new energy roadmap
15 Feb 2024: Germany deletes EU CO2 allowances freed up by coal exit
16 Jan 2024: Market economics to cut Bulgaria's coal use before 2038 deadline - minister
15 Jan 2024: Poland plans to set end date for coal power
22 Dec 2023: EU Commission allocates €1.2 billion for transformation of coal regions in Bulgaria
19 Dec 2023: Seven European countries pledge CO2-free power systems by 2035
15 Dec 2023: Global coal use at all-time high in 2023 - IEA
4 Dec 2023: Vietnam charts uncertain coal path as finance falls short
1 Dec 2023: India’s growing informal coal workforce complicates energy transition
21 Nov 2023: France, US to propose ban on private finance to coal-fired plants at COP28
17 Nov 2023: EBRD backs 4 billion euro plan to wean North Macedonia off coal power
24 Oct 2023: World oil, gas, coal demand to peak by 2030, IEA says
10 Oct 2023: Retiring coal plants early can benefit investors, communities and climate
20 Jul 2023: India's coal mining bet stumbles as wary banks weigh rising risks
20 Jun 2023: South Africa’s coal lobby is resisting a green transition
5 Jun 2023: Italy could abandon coal by 2024, environment minister says
26 May 2023: India has big clean energy goals - so why is it banking on coal?
16 May 2023: Poland’s renewables capacity growing but coal still dominates – report
5 May 2023: India mulls end to coal plant construction
24 Apr 2023: China ramps up coal power despite carbon neutral pledges
18 Apr 2023: Southeast Asia must retire 5.5GW of coal plants per year to meet climate goals
6 Apr 2023: Phaseout of coal power far too slow to avoid ‘climate chaos’, report finds
3 Apr 2023: More renewables, more coal: Where are China’s emissions really headed?
28 Mar 2023: Unions call for energy transition authority to help workers exiting fossil fuel sector
24 Mar 2023: Czech coal regions risk losing EU money
23 Mar 2023: India's shrinking coal jobs fuel 'distress' migration to cities
14 Mar 2023: Can Colombia's green energy plan succeed without fossil fuel cash?
13 Mar 2023: Vietnam’s energy transition deal is a ‘black box’, partner warns
7 Mar 2023: EU rewrites climate diplomacy deal to resolve nuclear sticking point
3 Mar 2023: Chinese provinces push for coal and clean energy
28 Feb 2023: Confusion surrounds China’s energy policies as GDP and climate goals clash
27 Feb 2023: War in Ukraine has not increased EU fossil fuel consumption
17 Feb 2023: Study: IPCC asks emerging countries to drop coal faster than rich nations did
16 Feb 2023: Analysis: Contradictory coal data clouds China’s CO2 emissions ‘rebound’ in 2022
31 Jan 2023: Renewables overtook gas in power generation for first time in 2022: study
30 Jan 2023: The time to scale-up energy storage in southeastern Europe is now
27 Jan 2023: South Africa’s women need the energy transition to work for them
27 Jan 2023: With Russian gas gone, coal makes EU comeback as ‘traditional fuel’
23 Dec 2022: Vietnam struggles to quit coal as renewable energy faces hurdles
19 Dec 2022: EU coal consumption, production to temporarily increase – then fall
13 Dec 2022: Children of India's burning coalfields dream of a fire-free future
8 Nov 2022: Poland to slow coal phase-out process, maintain 2049 end-date
7 Nov 2022: South Africa pitches $84bn plan to shift from coal to clean energy
27 Oct 2022: Climate fund approves plan to speed up coal retirement in Indonesia
25 Oct 2022: Mark Carney denies big banks threatened to quit climate finance group
6 Oct 2022: ‘Reckless’ coal firms plan climate-busting expansion, study finds
23 Sep 2022: China’s no new coal power overseas pledge, one year on
13 Sep 2022: Indian coal hub juggles need for jobs with hope for greener future
9 Sep 2022: US: Remember that coal surge last year? Yeah, it’s over
21 Jul 2022: China’s move to increase coal supplies won’t affect decarbonisation
12 Jul 2022: Energy crisis ‘mess’ causes headache for coal regions’ transition
5 Jul 2022: Proposed plants in Indonesia, Bangladesh scrapped as Japan scales back coal funding
14 Jun 2022: Western Australia to become coal-free by 2030 with Muja power station to be shut down
31 May 2022: Australia urged to quickly ditch coal to meet new climate goals
12 Apr 2022: As Japan sanctions Russian coal, it is high time to kick the habit altogether
7 Mar 2022: India's first social plan for closed coal hubs aims for 'honourable' lives
18 Feb 2022: Australia’s biggest coal plant to close in 2025, seven years early
7 Feb 2022: China’s pledge to end overseas coal support yields mixed results in Serbia and Bosnia
3 Feb 2022: Activists demand stop to Japan-funded coal plant in climate-vulnerable Bangladesh
1 Feb 2022: Non-fossil fuels forecast to be 50% of China's power capacity in 2022
31 Jan 2022: Vietnam targets net zero, but struggles to break coal dependence
25 Jan 2022: Asia's emissions-reduction plan for the world
25 Jan 2022: Global aid deals to end coal urged to prioritise workers, transparency
10 Dec 2021: Cutting out coal: what does a just transition look like?
3 Dec 2021: Half of global coal companies continue to develop new assets
26 Nov 2021: S.Africa will only accept $8.5 bln green energy deal on good terms, president says
25 Nov 2021: India ‘cannot escape’ coal phasedown, top coal ministry official says
25 Nov 2021: Next German government aims for coal exit in 2030
23 Nov 2021: Portugal's power production goes coal-free long before deadline
18 Nov 2021: ANALYSIS-Coal power stand at COP26 climate talks lends India time to transition
18 Nov 2021: Down in a hole: Bosnia miners fear green revolution
4 Nov 2021: New funding for poor nations' coal exit needs better planning for workers
29 Oct 2021: Cambodia can secure reliable electricity without new coal
28 Oct 2021: EU to launch COP26 project with South Africa to speed up coal exit
25 Oct 2021: Asian Development Bank plans to buy out and retire coal plants
18 Oct 2021: China, coal and COP26: can the world’s biggest emitter give up its dirty habit?
7 Oct 2021: Countries are wasting money on energy sources they already know are history
30 Sep 2021: Joe Manchin, America’s climate decider-in-chief, is a coal baron
27 Sep 2021: Australian PM refuses to commit to phasing out fossil fuels
24 Sep 2021: Poland refuses to close disputed coal mine despite EU court penalty
20 Sep 2021: Indonesia clings to coal despite green vision for economy
17 Sep 2021: UK climate envoy to visit South Africa to discuss helping shift from coal
9 Sep 2021: 'Tiger on my farm': Indian coal mining hub brings new dangers for villagers
29 Jul 2021: Coal country cleanup: Biden plan sketches out possible future for former miners
29 Jul 2021: G20 climate and energy ministers split over coal exit
28 Jun 2021: Bangladesh scraps plans to build 10 coal-fired power plants
28 Jun 2021: The EU must tell the world it will power past coal by 2030
18 Jun 2021: More China coal investments overseas cancelled than commissioned since 2017 - research
14 Jun 2021: G7 agrees to end new gov't support for coal power by end of 2021
8 Jun 2021: Lack of coal phase-out commitments in Eastern Europe jeopardises just transition
8 Jun 2021: Lack of coal phase-out commitments in Eastern Europe jeopardises just transition
4 Jun 2021: Romania commits to phase out coal by 2032
4 Jun 2021: State vs private: Europe’s mismatched transition out of coal
17 May 2021: Merkel rejects bringing forward Germany's exit from coal
29 Apr 2021: Global alliance for phasing out coal not fit for purpose, says NGO
26 Apr 2021: Greece confirms last coal plant will be shut in 2025
22 Apr 2021: S.Africa's Nedbank aims zero exposure to fossil fuels by 2045
22 Apr 2021: Poland seeks to nationalise coal plants so firms can finance green investments
8 Apr 2021: Japan set to raise ambition of 2030 climate goal
29 Mar 2021: China generated over half world's coal-fired power in 2020 - study
25 Mar 2021: Europe halfway towards closing all coal power plants by 2030
15 Mar 2021: Green jobs in Cumbria could far surpass posts in coalmine, report says
5 Mar 2021: Hungary brings coal exit forward by five years, to 2025
4 Mar 2021: EU countries approve green transition fund, look to challenges ahead
4 Mar 2021: How private equity squeezes cash from the dying US coal industry
25 Feb 2021: Bangladesh scraps nine coal power plants as overseas finance dries up
25 Feb 2021: Pakistan faces an unexpected dilemma: too much electricity
15 Feb 2021: Mexico was once a climate leader – now it's betting big on coal
8 Feb 2021: Coal-fired power took a beating during the pandemic, study finds
1 Feb 2021: World needs to kick its coal habit to start green recovery, says IEA head
22 Jan 2021: West Poland subregion aims to be first in the country to hit net zero
19 Jan 2021: Czech health minister backs coal mining phase-out ‘as soon as possible’
18 Jan 2021: 2020: The year that coal power took a hit
14 Jan 2021: BlackRock holds $85bn in coal despite pledge to sell fossil fuel shares
22 Dec 2020: IEA: Coal expected to rebound in 2021, future of coal will be decided in Asia
21 Dec 2020: Shift in Chinese energy investments set to help Greece reach climate targets
17 Dec 2020: Pakistan signals coal power exit, in potential model for China’s belt and road
7 Dec 2020: Czechs eyes coal phase-out by 2038
3 Dec 2020: China’s environment ministry floats ‘ban’ on coal power investment abroad
3 Dec 2020: While coal premiums soar, insurance groups still supports oil and gas
26 Nov 2020: Brussels approves German hard coal exit tender
13 Nov 2020: Almost half of thermal coal firms set to defy climate pledge – report
12 Nov 2020: Why India should keep coal out of its infrastructure story
12 Nov 2020: Renewable energy defies Covid-19 to hit record growth in 2020
9 Nov 2020: S.African investors exit local coal project on climate concerns
29 Oct 2020: Philippines announces moratorium on new coal power
22 Oct 2020: Poland’s largest utility announces pivot from coal to renewables
19 Oct 2020: Bulgaria calls for EU help to phase out coal
19 Oct 2020: EU funds drive rethink in East Europe on climate, says Timmermans
5 Oct 2020: EU climate target of -55% would mean near-exit from coal in 2030 – experts
1 Oct 2020: Poland’s coal remains king, but renewables gain
28 Sep 2020: Poland agrees to shut coal mines by 2049
24 Sep 2020: 5 burning questions about China’s carbon neutrality pledge
11 Sep 2020: Poland to accelerate coal phase-out, spend billions on renewable and nuclear energy
31 Aug 2020: Coal mine protests in Germany and Poland highlight phase-out challenges
31 Aug 2020: Germany begins allocating €40 billion to coal regions to start phase-out
28 Aug 2020: Poland’s planned energy restructuring set to hasten coal demise
23 Jul 2020: Poland bails out coal, yet wins access to EU climate funds
25 Jun 2020: German cabinet approves final ‘Coal Phase-out Act’
9 Jun 2020: How to replace coal power with renewables in developing countries
4 Jun 2020: The Just Transition Fund must reward climate ambition
2 Jun 2020: U.S. EPA moves to curb state powers to deny permits for energy projects
25 May 2020: ‘Not appropriate’: Uniper seeks compensation for Dutch coal phase-out
18 May 2020: Coal industry will never recover after coronavirus pandemic, say experts
12 May 2020: Coronavirus lockdown speeds India’s shift from coal to solar power
28 Apr 2020: JBIC becomes third Japanese bank in a month to signal move away from coal
27 Apr 2020: No more loopholes: HSBC closes door on new coal projects
27 Apr 2020: It’s a galloping goodbye to Europe’s coal
23 Apr 2020: Sweden adds name to growing list of coal-free states in Europe
30 Mar 2020: Coal exit will benefit health, wealth and nature
10 Mar 2020: Global CO2 emissions from power sector fell 2% last year - study
3 Mar 2020: Challenging Bulgarian coal plants’ new waste burning obsession
20 Feb 2020: North Macedonia wins EU praise for pioneering coal-to-solar shift
11 Feb 2020: Campaigners urge African Union to stop fossil fuel proliferation on continent
30 Jan 2020: India's pollution regulator ponders coal plant penalties
30 Jan 2020: What will Germany’s coal phase-out mean for the EU carbon market?
27 Jan 2020: HSBC exits Vinh Tan 3 coal power project in Vietnam
23 Jan 2020: Germany’s new coal phase-out plan upsets country’s Coal Commission
21 Jan 2020: Boris Johnson announces ban on foreign aid for coal mines and power stations
20 Jan 2020: Germany’s new coal phase-out plan: Lots of money, little climate ambition
16 Jan 2020: New Cumbria coalmine 'incompatible' with climate crisis goals
16 Jan 2020: Merkel, state leaders agree terms of brown coal exit
16 Jan 2020: EU plans ditching carbon cost refund for seven industrial sectors
8 Jan 2020: UK reaches milestone with zero carbon electricity surpassing fossil fuels in 2019
8 Jan 2020: Barclays pressured by shareholders to cut fossil fuel financing
8 Jan 2020: London, New York mayors urge cities to divest from fossil fuels
19 Dec 2019: Standard Chartered Bank pulls out of three coal projects in Southeast Asia
2 Dec 2019: Coal power becoming 'uninsurable' as firms refuse cover
22 Feb 2019: Germany urged to stand firm on coal phase-out
31 Jan 2019: Analysis: How far would Germany’s 2038 coal phaseout breach Paris climate goals?
31 Jan 2019: Germany can end coal power much earlier than 2038
29 Jan 2019: What’s in the German coal commission’s final report?
