Australian tech billionaire Mike Cannon-Brookes and Canadian asset management company Brookfield have made an audacious takeover bid for AGL.

The $8 billion offer would come with a promise to spend up to $20 billion to convert Australia’s highest-emitting power company to a clean energy giant and it would speed up plans to close AGL’s coal plants by 2030.  

AGL rejected the offer, but Mr Cannon-Brookes has indicated he’ll continue to pursue the bid.

Prime Minister Scott Morrison argues the plan to close power plants before their end time would drive up power prices, but Mr Cannon Brookes says delaying the transition to renewables would be much more costly.

Today on Please Explain, business reporter Nick Toscano joins Bianca Hall to discuss the AGL takeover bid, and what it tells us about the future of renewables in Australia.