Chanticleer

What we learnt: Donald who? AGL’s $1b battery bet and love for EVs get thumbs up

AGL still loves electric vehicles, Suncorp’s profit jump might be too big for its own good and is CBA balance sheet beyond reproach?

Feb 12, 2025 – 2.12pm

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The big result | Donald who? Nuclear what? AGL Energy, which supplies power to 4.1 million Australian customers, has signed off on more than $1 billion in new battery investments and is happily sticking to coal-fired power plant closure dates.

“No change from our perspective,” AGL CEO Damien Nicks said on Wednesday. His coal-fired generators cost more each year to keep running, he still doesn’t think nuclear will stack up for Australia on a cost basis and there is no time to waste in finding replacement power sources. It is business as usual.

James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine.

Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.