Cannon-Brookes’ AGL bid faces Morrison veto

John Kehoe, Jacob Greber, Mark Ludlow and Elouise Fowler

Updated Feb 22, 2022 – 7.37am, first published at Feb 21, 2022 – 1.51pm

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Billionaire Mike Cannon-Brookes has hit back at a veiled threat by Prime Minister Scott Morrison to potentially block his proposed $5 billion joint takeover with Brookfield Asset Management of AGL Energy, arguing a faster switch from coal to renewables would cut power prices and not destabilise the grid.

The Morrison government has reserved the right to invoke energy supply concerns under a national interest test to potentially stop the bidders who have pledged to shut down coal-fired power about a decade earlier than planned.

John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury.

Jacob Greber writes about politics, economics and business from Canberra. He has been a Washington correspondent and economics correspondent.

Mark Ludlow writes on politics, energy and infrastructure based in Brisbane.

Elouise Fowler is a journalist for The Australian Financial Review based in the Melbourne office.