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Billionaire Cannon-Brookes Says AGL Must Quit Coal by Mid-2030s

  • Investor is mulling candidates to nominate to utility’s board
  • More renewables are needed to bolster Australia’s power system
Mike Cannon-Brookes
Mike Cannon-BrookesPhotographer: Brent Lewin/Bloomberg

Billionaire campaigner Mike Cannon-Brookes insists AGL Energy Ltd. needs to shutter its coal-fired power plants by the middle of next decade to meet global climate targets and bolster profitability.

The technology tycoon, who became the utility’s top shareholder last month in an effort to accelerate its decarbonization, said current plans to keep coal power operating until the 2040s would be uneconomical.