AGL Energy plans to split into a generation business, Accel Energy, (to be led by current CEO Graham Hunt) and a retail business, AGL Australia (to be led by Christine Corbett). It's easy to interpret this as cynical attempt to greenwash and quarantine the more profitable side of the business from the uncertainties of fossil fuel generation, but the truth is more nuanced. For one thing, energy retailing is not as profitable as it once was.