4 February 2021
The share price of AGL – Australia’s biggest power generator and the country’s biggest emitter – took a tumble on Thursday after it revealed a massive $2.7 billion in write downs, including a $1.9 billion pre-tax loss from legacy investments in wind farms.
How did this happen?
AGL was one of the first big investors in wind farms in Australia, becoming the biggest investor in renewable energy before deciding to change tack nearly a decade ago and buying the Bayswater, Liddell and Loy Yang A coal plants to become the biggest coal generator and emitter. See: AGL Energy fades from green to black