SYDNEY, AAP – One of Australia’s oldest energy providers, AGL, wants to split its business in two as it comes under increasing pressure to transition to clean energy.
AGL, which has traded for more than 180 years, on Tuesday unveiled plans for a “New AGL” business focused on low carbon-emitting technologies offering electricity, gas, internet and mobile services.
The other business – dubbed PrimeCo – would continue operating its coal-fired power stations to provide electricity.
The Australasian Centre for Corporate Responsibility’s Dan Gocher was sceptical of the proposal.
He said AGL had chosen the easy way out and was leaving the hard decisions on closing the coal stations to whoever ran the second business.
AGL shares were up 0.59 per cent to $10.23 at 1200 AEDT.