AGL Energy Limited plans to change its name to Accel Energy Limited and demerge AGL Australia Limited as a separately listed entity via capital reduction.
Current AGL Energy holders will retain one share in Accel Energy and receive one share in AGL Australia for every share they own on the applicable record date.
Shareholders will have the opportunity to vote on the demerger.
Accel Energy to hold a 15-20% shareholding in AGL Australia to enable it to share in value creation, with no associated board position.
AGL has received strong endorsement for independent capital structures from its lenders for both entities. These capital structures are anticipated to be investment grade.
Anticipated completion of demerger in fourth quarter of FY22, subject to final board, regulatory and shareholder approvals.
at scale to major electricity users: supplying 20% of the national electricity market, with 33.5TWh (FY23) electricity generation and ~8GW name-plate thermal capacity.
focused on energy low-carbon industrial hubs, with a ~1 GW wind farm portfolio and 1600MW wind development portfolio.
commitment to show clear progress on existing trajectory, and over 16,000 hectares of land for energy hubs.
base connected to 30% of Australian households, with 4.5m1 services to customers, 24.3TWh2 customer electricity volume and 140PJ2 customer gas volume.
backed by a portfolio of flexible generation and storage assets, including 1.3GW of flexible electricity generation and storage.
for scope 1 and 2 emissions, with a clear pathway to full carbon neutrality for electricity supply.
1 Services to customers number is as at 31 December 2020 and includes Click Energy and 100% of approximately 300,000 services to customers of ActewAGL, in which AGL owns a 50% equity stake of the retail operations.
2 Forecast numbers as at FY23, subject to change.
AGL Energy is targeting completion of the demerger by fourth quarter of FY22
Stage 1 - Complete
- Confirm strategy and structure
- Asset allocation finalised
- Confirm capital structures and receipt of banking commitments
- Appoint CEO-elect and Chair-elect of AGL Australia and Accel Energy
Stage 2 - Current
- FY21 results
- Progress boards and management teams for AGL Australia and Accel Energy
- Annual General Meeting
- Tax and regulatory processes progressed
- Detailed plans for separation actioned to achieve two fully functioning internal teams by the implementation date
- HY22 results
- Scheme documents issued to shareholders
- Shareholder meetings to vote on the demerger proposal
- All relevant approvals obtained
- Demerger implemented