Keep it together Australia.

We believe the proposed AGL demerger is a deeply flawed plan that will deliver a terrible outcome for AGL shareholders, customers, workers, Australian taxpayers, and the planet. We believe the best way to realise the potential value of the company is to vote AGAINST the demerger and keep AGL together.

Vote today. Vote AGAINST the AGL demerger.

Create a brighter future. Vote AGAINST the demerger and keep AGL together.

Find Out How

Vote against the demerger today.

We believe the demerger will destroy shareholder value. It will create two smaller and weaker entities, limiting their growth options - this is not a choice between financial returns and environmental responsibility. So let's keep it together and transition AGL to a brighter future that makes dollars and sense.

Vote Against

Keep it together Australia.

Support a brighter future.

We believe that keeping AGL together is the best way to put the company back at the forefront of energy generation in Australia. A combined AGL can deliver more affordable, reliable renewable energy and a better future for shareholders, customers and future generations. Let’s keep it together and transition to a brighter future.

Why it's important

Dispelling the AGL Board’s demerger myths.

We believe the Board is basing its recommendation on a view of the world that has been publicly dismissed as “flawed” and “fantasy” by another shareholder[2]. Business and energy experts are also sceptical. You’ll hear the Board repeating these myths to sell the demerger plan. So, let’s deal with each of them here:

The Myth:

Coal will continue to supply reliable and competitive energy.

The reality:

It appears coal volumes will fall further and be even less competitive*

*It appears coal volumes will fall further and become even less competitive as the supply of renewables continues to increase. This will likely result in losses. Outages like the recent electrical fault at Loy Yang A[3] which is threatening to keep one quarter of the plant’s capacity offline until the start of August 2022, will likely increase in frequency, and continue to impact AGL’s profitability.

The Myth:

Coal plants will be needed for many years to come.

The reality:

AGL remains out of step with the market’s largest participants*

*The Australian Energy Market Operator (AEMO) predicts “all brown coal and two-thirds of black coal generation could withdraw by 2032”[5]. Yet, AGL still forecasts operating Loy Yang A until 2045. In contrast, Australia’s other two large energy retailers, EnergyAustralia and Origin Energy have brought their largest coal plant closures forward to the 2020’s. AGL remains out of step with the market’s largest participants. AEMO believe competitive and operational pressures will increase for coal-fired generators with the ever-increasing penetration of cheap renewable generation[5].

The Myth:

AGL Australia will have a green, flexible, renewable generation portfolio.

The reality:

About 55% of AGL Australia’s energy supply will come from fossil fuels*

*AGL Australia (AGL A) will initially source about 60 per cent of its energy requirements through Accel Energy[6], which generates more than 90 per cent of its power through fossil fuels[7]. This means AGL A will be a major contributor of greenhouse gas emissions[13].

The Myth:

AGL has been a leader in Australia’s energy transition.

The reality:

AGL has directly invested $0 in renewable generation over the last 5 yrs*

*AGL has invested $0 in direct development of renewable generation over the last five years. During this same time period, ~10GW of large scale renewables was installed across Australia. We believe AGL’s focus on coal investments whilst the rest of the world switches to renewable energy has contributed to its poor share price performance[8].

The Myth:

There is sufficient capital available to support portfolio decarbonisation.

The reality:

We believe the major banks are unlikely to finance AGL*

*We believe the major banks are unlikely to finance AGL as their long term plan is inconsistent with the Paris Agreement. Three of the four major banks have signed up to the UN Net-Zero Banking Alliance which is a commitment to bring their loan portfolios in line with the Paris Agreement. AGL’s current plan is inconsistent with the Paris Agreement and AGL’s own modelling shows they believe to bring their portfolio in line with the Paris Agreement would mean closing their coal plants by 2035[4].