Outgoing AGL Energy chairman Peter Botten has emphasised the complexity of the operating environment in which the embattled energy supplier is seeking to hammer out its future direction, after the collapse of its demerger plan last month.

In a letter to shareholders on Wednesday, Mr Botten pointed to “substantial shifts” in the energy market in the 12 months since AGL first announced its demerger proposal. The abandonment of the plan sent AGL back to square one to reconsider its strategy, leaving investors uncertain of the giant electricity and gas supplier’s future in the turbulent energy market.