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 Managementof 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.
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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. Connect with John on Twitter. Email John at jkehoe@afr.com
Jacob Greber writes about politics, economics and business from Canberra. He has been a Washington correspondent and economics correspondent. Connect with Jacob on Twitter. Email Jacob at jgreber@afr.com
Mark Ludlow writes on politics, energy and infrastructure based in Brisbane. Connect with Mark on Twitter. Email Mark at mludlow@afr.com
