---
title: Breakdown costs revealed as Cannon-Brookes takes a chunk of AGL
description: The breakdown at AGL’s Loy Yang coal burning power station in Victoria will eat into the mega-polluter’s profits to the tune of up to $70 million.
---
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# Breakdown costs revealed as Cannon-Brookes takes a chunk of AGL
Tuesday, 3 May 2022
The breakdown at AGL’s ageing and unreliable Loy Yang coal burning power station in Victoria will eat into the mega-polluter’s profits to the tune of up to $70 million and potentially jeopardise the company’s demerger plans.
Billionaire Mike Cannon-Brookes has recently amassed an 11 per cent stake in AGL in a reported bid to block the split, which would force the entire AGL board to quit.
Meanwhile, about one in 25 Australian homes are at high risk of becoming effectively uninsurable by 2030, according to a new climate risk assessment.
[Victorian coal power station breakdown burns Australia’s biggest polluter, AGL](https://app.meltwater.com/mwTransition/?url=https%3A%2F%2Fwww.sharecafe.com.au%2F2022%2F05%2F02%2Floy-yang-breakdown-burns-agl-energy%2F&uId=5a778e7a00aa2026a265262c&cId=5a71496272d9dc241933e61d&contextId=627038af102df508cef6c012&dId=cNXkjDjJJuvsYjsFvWCDcxpV3ys&op=open&sentiment=N&isHosted=false&id=3628643&name=Coal%20(Print%20and%20Online)&type=search&transitionToken=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzUxMiJ9.eyJob3N0bmFtZSI6Ind3dy5zaGFyZWNhZmUuY29tLmF1In0.0BROCn9psAvonSKRo_y9JqAkszfRn8rgcM4ytwpPF33Mw8zMD_7Anay88nxAKw7UZ0td2B8dxMPOEfRkWwBvVg&s=mail-digest)
A dodgy coal-fired generator in Victoria has again bitten the finances of AGL Energy, the country’s biggest electricity generator, forcing it to cut its 2021-22 profit forecast with just two months to go in the financial year.
[Cannon-Brookes bombshell derails AGL demerger](https://app.meltwater.com/mwTransition/?url=https%3A%2F%2Fapp.meltwater.com%2FmwTransition%3Furl%3Dhttps%253A%252F%252Fwww.thechronicle.com.au%252Fbusiness%252Fcannonbrookes-bombshell-derails-agl-energy-demerger%252Fnews-story%252F37ec5ddf37945956bea6e112b34e95e7%26urlCategories%3DnewsLtd%26analytics%3Dfalse%26documentId%3DBTFda2OfYf1DBrFOIWLS9P5xdDA%26transitionToken%3DeyJ0eXAiOiJKV1QiLCJhbGciOiJIUzUxMiJ9.eyJob3N0bmFtZSI6Ind3dy50aGVjaHJvbmljbGUuY29tLmF1In0.eZ5J5g0iU0pJZgbf0O_VUneHeVZbaF75qyAjeVwjLpV0zmwcy-g3if4qOIIz3fh38ENMTjoDK-qEKPwBE86mJQ&uId=5a778e7a00aa2026a265262c&cId=5a71496272d9dc241933e61d&contextId=627038af102df508cef6c012&dId=BTFda2OfYf1DBrFOIWLS9P5xdDA&op=open&sentiment=N&isHosted=false&id=3628643&name=Coal%20(Print%20and%20Online)&type=search&s=mail-digest)
Billionaire Mike Cannon-Brookes, who recently amassed an 11 per cent stake in AGL said he expects the company‘s demerger proposal to be voted down, in a move which would force the entire board of the power giant to quit.
[Voters believe they’re doing their bit on climate but want government to do more](https://app.meltwater.com/mwTransition/?url=https%3A%2F%2Fwww.brisbanetimes.com.au%2Fpolitics%2Ffederal%2Fvoters-believe-they-re-doing-their-bit-on-climate-but-want-government-to-do-more-20220502-p5ahrv.html&uId=5a778e7a00aa2026a265262c&cId=5a71496272d9dc241933e61d&contextId=627038af102df508cef6c012&dId=hO-oeISaBjJgzMm6k9RMFFxb2zo&op=open&sentiment=N&isHosted=false&id=3628643&name=Coal%20(Print%20and%20Online)&type=search&transitionToken=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzUxMiJ9.eyJob3N0bmFtZSI6Ind3dy5icmlzYmFuZXRpbWVzLmNvbS5hdSJ9.Q8Ey-mPNLMwLmFbh44eEcZ0Fhfq1qwkEYqP28x62XOaAoUdJdxVqRmR40OYw1PV5rKtaXnk0t55qzLKAWeN7vA&s=mail-digest)
About half the electorate is willing to pay a personal cost to reduce carbon emissions, according to an exclusive survey conducted when Prime Minister Scott Morrison and Labor leader Anthony Albanese argued last week over the economic impact of achieving net zero emissions by 2050.
[Climate change means 1 in 25 homes could become uninsurable by 2030, report warns](https://www.abc.net.au/news/science/2022-05-03/climate-change-floods-cyclones-bushfires-house-insurance-costs/101021438)
About one in 25 Australian homes are at high risk of becoming effectively uninsurable by 2030, according to a new Climate Council report based on analysis by a climate risk assessment group.
[Tasmania slowed logging and became one of first carbon negative places in the world](https://www.smh.com.au/environment/climate-change/tasmania-slowed-logging-and-became-one-of-first-carbon-negative-places-in-the-world-20220502-p5ahtt.html)
In 2011, two Australian environmentalist millionaires, Wotif.com co-founder Graeme Wood and Kathmandu clothing brand founder Jan Cameron, bought themselves what was then the world’s largest woodchip mill and infuriated both the state government and local forestry industry by closing it down.
[Mangroves killed during Black Summer bushfires near Batemans Bay are not growing back](https://www.abc.net.au/news/2022-05-02/mangroves-killed-black-summer-bushfire-batemans-bay/101023676)
At a curve on the Clyde River known as Chinamans Point, the lush green tops of eucalyptus trees poke out from behind the mangrove forests that line the bank. The bush has largely bounced back from the catastrophic 2019/20 Bushfires but the mangrove trees sitting inside the tidal zone have remained ghostly white.
[Coal](https://blog.greenpeace.org.au/the-canopy/tag/coal), [energy policy](https://blog.greenpeace.org.au/the-canopy/tag/energy-policy), [AGL](https://blog.greenpeace.org.au/the-canopy/tag/agl), [climate change](https://blog.greenpeace.org.au/the-canopy/tag/climate-change), [Federal Election](https://blog.greenpeace.org.au/the-canopy/tag/federal-election)
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