Green capital is trying to buy up fossil fuel assets to decarbonize the energy industry - if you can't beat them, buy them.
and biggest emitter. The company is at the beginning of a complex demerger process — creating Accel Energy to operate its fossil fuel assets and retaining the company’s renewable energy assets and retail services under a rebranded AGL Australia. It’s a plan labelled by Cannon-Brookes as not good for the environment or for the plant’s shareholders.
Cannon-Brookes believes that buyouts by environmentally concerned entities could become a model for how the green energy transition can be achieved more quickly, at lower cost, and with less risk. It could be a way to get cheaper, greener power to customers fast. And the demand is there — from everyone from individual homeowners to aluminum smelters.
AGL recently announced the planned closure of its coal-fired power plants — Bayswater in 2035 and Loy Yang A in 2045. Not fast enough for Cannon-Brookes and Brookfield. Not good enough for the environment and probably not good enough for shareholders — renewables are increasing rapidly and pushing coal out of the energy business.
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