The Latest Breaking News from AGL

As more Australians purchase electric vehicles, the energy industry is looking at how the grid will cope with an increased demand for electricity.

Benzinga Pro data, Agilon Health (NYSE:AGL) reported Q4 sales of $462.89 million. Earnings fell to a loss of $56.74 million, resulting in a 57.79% decrease from last quarter.

Tech billionaire Mike Cannon-Brookes and his Canadian partners are set to abandon their takeover bid for the energy giant after the electricity company rejected a second $9 billion offer.

Bidders expected to walk away after offer of $8.25 a share rejected by board of Australia’s largest energy company

Australian companies are being taken over like never before. On Saturday February 19 a consortium involving tech billionaire Mike Cannon-Brookes and Canadian asset manager Brookfield offered A$5 billion to buy AGL Energy.

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Prime Minister Scott Morrison has flatly opposed the bid led by tech billionaire Mike Cannon-Brookes to buy Australia’s biggest energy company AGL and spend A$20 billion switching it to renewables. This includes closing its coal power stations by 2030. As Morrison stated this week:

AGL Energy has warned bill shock and community upheaval will follow a proposed departure from coal-fired electricity generation within eight years.

Michael Cannon-Brookes has dug an AGL-sized pit in front of Scott Morrison, which the PM seems quite happy to step into over energy transition.