The Climate, Environment and Energy Thread

[ElwoodBlues1]

From the Guardian:

Now it’s clear that Mike Cannon-Brookes has stopped AGL’s “de-merger” and will move the company away from coal-fired power generation.  Cannon-Brookes says that will result in lower prices for consumers and I suspect that he knows what he’s talking about.

It’s probably not such an issue with a Labor government but it’s good to know that successful business folk can counter government inaction.

Cannon Brookes pounded Shareholders with anti board propaganda and won them over when he said Dividends would be reduced with the split. AGL is an income share and not one you buy for growth so even some of the super funds like Hesta were spooked and were going to vote No given they would be affected by reduced dividends.
The AGL board are incompetent which has seen the share price fall dramatically over recent years, Cannon Brookes has made the point the only way forward for AGL and other similar companies is foreign investment to meet early climate change targets and rejig the business ie him and his private investment company Grok ventures kicking in the money. AGL dont have all the money needed unless they have a capital raise which will drop the share price and I dont see Albo kicking in the sort off money needed to turn the dirtiest energy provider in Australia into the cleanest.
About 10-100 billion needed to upgrade all the transmission lines in Aus to handle all the new solar/wind power and what most people dont know is the method of transmission will need to be changed from AC to DC transmission if you want to do it right and that means conversion stations being built and maintained and that means big money.
I'm going to give Cannon Brookes the benefit of the doubt that he hasnt pulled this move just to lower the share price so he can make another full take over bid at a cheaper price but in his propaganda to shareholders he never explained how he is going to deliver on his promises or where the money is coming from. He says he wouldnt do that because he would lose money himself as a 11% shareholder but that all depends on how cheap he gets it for so we will have to wait and see what his next move is...
I will disclose I am a disgruntled shareholder....