The company’s turbulence shows no sign of easing as it tries to navigate its way to a decarbonised future and Mike Cannon-Brookes steps up the pressure about timing, strategy and the new chair.
In the annals of corporate Australia, the 185-year-old AGL now stands perilously close to representing the modern equivalent of A-Giant-Loser. Managing the energy transition has been extremely difficult for every energy company over the past few years. But AGL is a truly spectacular example of an uncontrolled company implosion – with no evidence yet the cycle of destruction is ending.
Nor is the damage contained to AGL. With Snowy 2.0 further delayed, new gas projects in limbo and major investment in transition networks still largely inchoate ambition, it’s another indication of the fragility of Australia’s energy security over the next few years.
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Jennifer Hewett is the national affairs columnist. She writes a daily column on politics, business and the economy. Connect with Jennifer on Twitter. Email Jennifer at jennifer.hewett@afr.com
