In a presentation to investors today, AGL’s chair stated that the business intends to add additional senior non-executive directors who are proficient in digital technology to its board.
AGL started a strategic assessment that it presented to analysts today after withdrawing a demerger plan at the end of May.
To achieve its technological goals, AGL must “prioritise directors with capabilities in digital and consumer areas,” according to chair Patricia McKenzie.
The organisation plans to concentrate its focus on “digitisation and advanced analytics,” streamlining and automating how it functions, and better serving its customers, according to CFO Damien Nicks (who will take over as temporary CEO in October).
Decarbonisation is the other development that will place a premium on technical capabilities in the C-suite.
In addition to announcing the accelerated closure of Loy Yang A, which will now spin down in 2035, the business also declared its ambition to achieve net zero scope 3 emissions by the year 2050 in its first climate change action plan [pdf].
Instead, AGL will make significant investments in “firming capacity” (batteries) and renewable energy sources, which call for more complex control and monitoring. To balance self-generated electricity with grid power, all distributors are simultaneously looking for “beyond-the-meter” sight of household solar generation.
According to the corporation, in order to provide 12GW of generation and firming, of which 5GW will already be in place, decarbonization will require a $20 billion investment before 2036.
