On May 15, 2022, Cannon-Brookes, the co-founder of software company Atlassian who operates through his private company Grok Ventures, raided AGL's share register on May 2, securing an 11.28 per cent stake held through a JPMorgan derivative. The strategy has been to amass the interest to thwart the company's plan to demerge its coal business, named Accel Energy, from the remaining AGL Energy business which consists of clean energy assets and will be called AGL Australia. AGL is targeting net-zero emissions for Accel Energy, which includes its Bayswater and Loy Yang A power stations, by 2047 while Cannon Brookes wants that to happen by 2030.

The shareholder vote takes place before the end of June and for the demerger to go ahead, there needs to be 75 per cent support from those who vote. Some analysts stated that Cannon-Brookes would require a vast amount of additional clean energy to be created, which would not make his investment viable from a financial perspective. Others believe that separating the two parts of the business and transferring customers from Accel Energy to AGL Australia over time made the most sense.