AGL, one of Australia’s biggest electricity generators and retailers, has lost billions of dollars as the world moves to sustainable energy.
The country’s biggest operator of coal-fired power plants has been buffeted by growing renewable energy generation that is costing them billions of dollars.
Four years ago AGL was a $17 billion dollar company. Now it’s a shadow of its former self at just $5 billion. This year, AGL continued their dramatic downturn posting a staggering $2 billion loss.
AGL’s fall follows a decade of flawed, short-term decisions to invest in coal plants over renewable energy. AGL’s coal power assets make them the largest carbon polluter, emitting more than twice that of second-ranked EnergyAustralia.
It shows what can happen when an energy company seeks short term fossil fuel gain and ignores climate risks and global energy transition.
AGL warned of a further financial hit with underlying profit for the current financial year expected to drop.
AGL’s ongoing losses is an expensive example of companies ignoring shifts to clean sustainable energy and continuing to invest in fossil fuels.
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