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The Guardian - AU
The Guardian - AU
Business
Peter Hannam

‘World is waking up’: ex-energy boss Kerry Schott says AGL bid a sign of big changes ahead

AGL Kerry Schott Australia
Kerry Schott
The world is taking notice of the disruption in electricity, but ‘you can’t just turn everything off tomorrow – it’d be a disaster’, Schott says. Photograph: Mike Bowers/The Guardian

The $8bn dollar takeover bid for AGL Energy is a sign the “world is waking up” to the rapid shifts in electricity generation and demand with the surprise only in its timing, Kerry Schott, the former chair of Australia’s Energy Security Board, has said.

The 185-year-old energy firm on Monday rejected the unsolicited bid by Australian technology billionaire Mike Cannon-Brookes and Canadian asset manager Brookfield as it “materially undervalues the company”.

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