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‘We have far cheaper ways of doing it’: Tech billionaire’s bid for inexperienced power at AGL

Atlassian CEO Mike Cannon-Brookes says AGL is shifting “far too slowly to transition” to renewable power.

This week, Mr Cannon-Brookes turned AGL Energy’s largest shareholder, buying over 11 per cent of the power large.

The dramatic transfer comes all the way down to a proposed demerger of AGL Energy, which the tech billionaire vehemently opposes.

Shareholders will vote on the proposal in six weeks’ time, and Mr Cannon-Brookes mentioned he intends to vote in opposition to the demerger.

“I have a deep belief in the company, it’s got a very proud history and I think it’s got a huge amount of opportunities in front of it,” Mr Cannon-Brookes informed Sky News Australia.

“I believe that they’re moving far too slowly to transition, it’s not aligned with the Paris Agreement, it results in much more expensive cost for capital for the company, higher power prices for consumers and a more risky environment for the people that work at these plants.”

Mr Cannon Brookes acknowledged the transition to renewable energy would price cash within the short-term, nonetheless, mentioned a quicker transition away from coal is a quicker approach to “bring bills down”.

“We are entrenching these very expensive assets, that generate expensive power, that were built approximately when the personal computer was invented 30-40 years ago,” he mentioned.

“We have far cheaper ways of doing it. The longer we entrench these assets, the higher cost the consumers will pay, the more instability we will see in our grids.”

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