Episode Details

ZEN Energy, the renewable energy firm co-founded by Ross Garnaut, is collapsing under a $1 billion debt burden, with creditors facing just 10 cents on the dollar in the best-case scenario. Massive losses ballooned from $69 million in 2024 to $322 million by June this year, and despite a major government contract, the business model couldn’t withstand market volatility. Sixty employees lost their jobs in July, but their $8 million in entitlements are expected to be paid in full if liquidation proceeds. Administrators recommend winding up the company after failed sale attempts and confirmed insolvency since February. The South Australian government is now assessing its financial exposure and has already switched to AGL to power essential services — a sobering reminder of how quickly renewable ventures can falter amid shifting market conditions.

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