The AGL Energy Limited (ASX: AGL) share price is edging lower in intraday trade, down 0.97%.
Below we take a look at the S&P/ASX 200 Index (ASX: XJO) energy company’s latest announcement relating to its renewable energy ambitions.
Renewable energy goals
The AGL Energy share price is largely unmoved this morning after the company reported it has entered into an agreement with the United Kingdom’s Ovo Energy Ltd.
Australia’s largest energy retailer and generator said the agreement with the leading “zero carbon living brand” will help it bring the latest digital services to customers Down Under.
Those digital services come courtesy of OVO’s Kaluza system, an AI-enabled platform designed to improve customer experience and offer energy flexibility in an age of ever-increasing renewable energy use.
With some of the highest levels of rooftop solar power generation on Earth, AGL reports Kaluza can help with grid stability as more and more energy supply comes from decentralised sources. Using its AI systems, Kaluza can move device charging to times when there is less energy demand.
The company stated that, “Kaluza orchestrates the charging of electric vehicles, energy storage systems and other flexible home devices to enable the shift to a low-carbon energy future.”
As part of the agreement, AGL will invest in OVO Energy Australia to adapt the Kaluza platform for Australia.
Commenting on the agreement, Brett Redman, AGL CEO, said:
Through this joint venture, OVO and AGL will bring world-class technology and innovation to Australia. Central to the market forces that shape our strategy, is customer demand. This collaboration will help us ensure our customers have choice and flexibility when it comes to their essential services.
AGL has been evolving our offerings, with carbon-neutral, multi-product options and decentralised energy solutions and this will allow us to continue into the future.
Stephen Fitzpatrick, CEO of OVO added, “Companies must now focus on building trust with their customers, harnessing technology that makes zero carbon living simple and affordable for everyone.”
AGL Energy share price snapshot
It’s been a tough year for AGL shareholders, with shares down by nearly 40% over the past 12 months. By comparison, the ASX 200 is up 32% over that same time.
Year to date the AGL share price is down by around 15%. AGL pays an 8% dividend yield, unfranked.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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