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AGL Rebuffs Billionaire Activist and Says Can Quit Coal Faster

  • Utility battling top shareholder over energy transition plan
  • Atlassian founder Mike Cannon-Brookes opposes demerger
Mike Cannon-Brookes.

Mike Cannon-Brookes.

Photographer: Karen Dias/Bloomberg

AGL Energy Ltd. rejected criticisms from billionaire investor Mike Cannon-Brookes over its strategy and said it could accelerate plans to close down its fleet of coal-fired power plants.

Sydney-based AGL is investing in renewables, advancing efforts to curb emissions and expects a plan to split the company into two will allow it to “focus on both the continued transition and the reliable and affordable supply of energy,” Chief Executive Officer Graeme Hunt said Thursday.