AGL to stop paying special dividend to preserve A$500 mln cash
AGL expects investment grade credit ratings for both companies
AGL s shares drop 10%
June 30 (Reuters) - Australia s AGL Energy (AGL.AX) said on Wednesday it expects to split into a bulk power generator and a carbon-neutral energy retailer by June 2022 and would stop paying special dividends to shore up the two companies balance sheets.
Investors gave a thumbs down on the plan, sending AGL s shares 10% lower by the end of the day, following an initial drop of 4% after the company announced the dividend cut and warned it still expected a material step-down in earnings next year.
The big bet at the heart of AGL s split afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
AGL customer chief to become MD of newly demerged energy retailer
AGL confirms plans to demerge into two independently listed entitles and announces the CEOs and chairs for both
AGL has confirmed its chief customer officer, Christine Corbett, as managing director and CEO of its newly demerged energy retailer, AGL Australia, as the organisation embarks on a significant restructure to become two businesses.
ASX-listed AGL today announced the first details of plans to demerge, creating two standalone and separately listed businesses: Accel Energy, a baseload power producer; and AGL Australia, a multi-product energy retailer and energy trading and storage business retaining the AGL brand. The demerger is expected to be completed by Q4, FY2022.
AGL Installing A Bunch Of Solar Systems For St. Vinnies
AGL Installing A Bunch Of Solar Systems For St. Vinnies
St Vincent de Paul Society Victoria will soon be making huge savings on its electricity bills through the installation of solar power systems.
AGL announced on Friday it will be installing 91 systems for the charity across the state – up to 1.6 MW of solar capacity in total capable of generating an estimated 1,992 megawatt-hours (MWh) of clean electricity annually.
“We estimate that these installations will save up to $1.26 million in energy costs – much needed funds that can be redirected back into the community,” said AGL Chief Customer Officer, Christine Corbett.
Supply contracts eyed as AGL demerger decision looms afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.