One of Australia’s biggest carbon emitters will split in two — and the entities will be worth far less than their value even two years ago.
While Prime Minister Scott Morrison and Energy Minister Angus Taylor’s climate denialism — and their waste of billions on gas and the carbon capture and storage scam — are dictated by fossil fuel company donations, not all fossil-fuel companies are the same. And the government’s denialism has affected some differently from others.
Take AGL. More than 180 years old, allegedly the second company to be listed on the ASX, and one of Australia’s biggest carbon emitters from its fleet of coal-fired power stations and gas supply.
It has announced plans to break itself into two companies — one to own its coal-fired power stations, the other to hold its more appealing renewable assets, plus the huge and cash-rich retail power and gas businesses. The latter will be free to buy its electricity from the cheapest source– which won’t be its old fossil-fuel assets, given solar and wind are now the cheapest forms of power available.
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