As part of its efforts to give the Big Three generators the flexibility they need to adapt to the rapidly changing needs of customers who invest in solar, battery storage, and electric vehicles, AGL Energy has announced that it will purchase a $A150 million, or 20%, stake in the international energy software company Kaluza. No other information has been disclosed.
Over the course of the next three years, AGL will move its 4 million consumer electricity and gas customer services onto the digital billing and smart energy management platform thanks to a multi-year licensing arrangement and investment package that values Kaluza at over $US500 million. According to AGL, moving to Kaluza will reduce its capital investment and retail operating costs by about $70-90 million annually starting in 2029.
Most significantly, though, is that the business claims to provide clients with a tested “energy flexibility” platform centered on smart meters, residential solar and battery systems, and electric vehicle-to-grid charging technology.
AGL’s chief customer officer Jo Egan told Renew Economy on Tuesday, “Our focus is on making sure we’re ready to meet customers on their electrification journey, wherever they may be.”
“On the generation side of the business, our goal is to supply our clientele with a steady stream of renewable and firming assets.Helping our clients decarbonize is as critical because without both of those things, we cannot achieve our goals for the energy and climate.
As a spinoff of the UK energy retail startup he launched ten years prior, Kaluza was established in 2019 by Stephen Fitzpatrick with the goal of developing a specially created energy operating system for Ovo and other retailers. Ovo first opened a store in Australia in 2019 and is currently the biggest independent retailer in the UK, serving over 5 million households. AGL bought a 51% share in Ovo Energy Australia two years later, in 2021, and then fully acquired the retailer in April of this year.
As part of the agreement, AGL committed to investing in Ovo to modify its platform for the Australian market, allowing Ovo’s “personalised digital experience” to reach its vast retail customer base. AGL also started along the path of regaining some of the ground that it had previously lost due to its own intransigent focus on coal
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