AGL may have knocked back a bid for the company by Canadian investment giant Brookfield and Atlassian’s Mike Cannon-Brookes this morning, but the issues behind the bid aren’t going away.
AGL, Australia’s biggest energy provider, is stuck with stranded assets in its large coal-fired power stations — especially Bayswater in NSW and Loy Yang A in Victoria. Two weeks ago it brought forward the closure dates for both, to 2033 at the latest for Bayswater and 2045 for Loy Yang A. Both will close much sooner. Coal-fired power is uncompetitive and only getting more so. That’s why Origin Energy announced last week its Eraring plant in NSW will shut in 2025.
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