Scott Morrison and Angus Taylor have spent the past three and a half years trying to chain Australia to an unreliable and uneconomic source of power that now threatens to send family electricity bills skyrocketing — but ironically may also help Mike Cannon-Brookes in his effort to derail AGL’s demerger.
AGL plans to split itself into a retail and renewable asset company and a coal-fired power generation company — now universally known as ShitCo — if shareholders approve the demerger on June 22.
Except this week, the truly rotten state of what ShitCo would be was on display when AGL revealed it had been forced to cut its full-year profit target because of a breakdown of one of the generation units at its giant Loy Yang A coal-fired power plant in Victoria’s Latrobe Valley.
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