AGL Energy is spending $150 million to take a 20 per cent stake in Kaluza, a technology platform that manages electricity supply and billing, in a move the utility hopes will transform its retail operations and deliver significant savings.

Kaluza is owned by Ovo Energy, a major electricity supplier in the United Kingdom which sold a majority stake in its Australian retailing business to AGL in 2021. At the time of that transaction, AGL flagged that it would adapt the Kaluza platform for Ovo’s Australian customers before potentially adopting it for its own.