One of Australia's largest electricity companies, AGL, is preparing to shed hundreds of jobs as part of a massive restructure aimed at freeing up capital to accelerate its transition away from coal and towards renewables.

The company owns the Bayswater coal-fired power station in the Hunter Valley and the Loy Yang A plant in the Latrobe Valley, which the Victorian government is paying to keep operating until 2035.

In a presentation to workers earlier today, AGL — whose biggest shareholder is billionaire Mike Cannon-Brookes — announced its plans to cut up to 300 positions from the two coal-fired stations and across the company's hydro sites.

"As we transition our portfolio, and connect our customers to a sustainable future, we need to ensure that today's business remains productive and c

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