AGL Energy (ASX:AGL)
has today confirmed its intention to undertake a demerger to create two leading energy businesses with separate listings on the Australian Securities Exchange. Under the demerger proposal, AGL Energy will become Accel Energy Limited (previously referred to as “PrimeCo”), an electricity generation business focused on the accelerating energy transition. Accel Energy will demerge a new entity, AGL Australia Limited (previously referred to as “New AGL”), a multi-product energy-led retailing and flexible energy trading, storage and supply business.
AGL Australia will retain the AGL brand.
AGL Energy intends to hold a scheme and general meeting to enable shareholders to vote on the proposal, and to complete the demerger in the fourth quarter of FY22 subject to final AGL Energy Board, ATO and relevant regulatory, court and shareholder approvals.
Shares in AGL energy are trading 9.3 per cent lower at $8.26.