ANZ Bank will continue to bank AGL, but the energy company is expected to have to pay higher refinance costs.
Abandoning the plan had already cost AGL about $160 million, the company said on Monday.
AGL has said it will begin the process of appointing a new chief executive and chairman immediately. It will also need to appoint replacements for two other board directors, but shareholders said the company would need to prioritise the appointments before the strategic review. “Having a Paris-aligned plan is incredibly important because it unlocks a lot of capital for the company, and it also gives a lot of certainty to everybody from the employees to the rest of the energy market about what’s likely to happen,” he said.
“I think that’s very important from the point of view of getting the capital needed to make the transition, actually executing the transition, and from the grid and the stability and pricing for everybody else.”the company would need to find “lenders who are prepared to work with them on their ESG position”.“Obviously, they’ve been pretty toxic for a while. But it may potentially be that the debt market looks at them differently with Mike Cannon-Brookes being on the board,” he said.
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