COAG decision will boost renewable energy investment certainty 

30 April 2009

AGL Energy Limited (AGL) today welcomed the agreement by the Council of Australian Governments (COAG) to maintain the 45,000GWh Renewable Energy Target (RET) from 2020 through to 2030, rather than being phased out from 2024.

AGL Managing Director, Michael Fraser, said: “Today’s COAG announcement on the extension of the RET is sensible policy that will provide certainty for investors and set Australia on a measured transition path to a low carbon future.”

“This policy will contribute significantly to reducing Australia’s greenhouse gas emissions and is complementary to the Carbon Pollution Reduction Scheme.

Mr Fraser added: “This legislation is a crucial stimulus package in supporting new renewable energy projects. We would welcome the passage of the RET legislation in this form in the next
session of Parliament.”

Following the completion of wind farms at Hallett 2 and Hallett 4 in mid north South Australia, GL will control the operation of almost 1,300MW of renewable energy capacity with an dditional pipeline of approximately 2,000MW of identified renewable generation opportunities.

Further enquiries:

Media
Andrew Scannell, Head of Media
Direct: + 61 3 8633 6167
Mobile: + 61 (0) 407 290 658
e-mail: ascannell@agl.com.au

Analysts & Investors
Graeme Thompson, Head of Investor Relations
Direct: + 61 2 9921 2789
Mobile: + 61 (0) 412 020 711
e-mail: gthompson@agl.com.au

About AGL
AGL is Australia’s largest integrated renewable energy company and is taking action toward creating a ustainable energy future for our investors, communities and customers. Drawing on over 170 years of xperience, AGL operates retail and merchant energy businesses, power generation assets and an pstream gas portfolio. AGL has Australia's largest retail energy and dual fuel customer base. AGL has a iverse power generation portfolio including base, peaking and intermediate generation plants, spread cross traditional thermal generation as well as renewable sources including hydro, wind, landfill gas and iomass. AGL is Australia's largest private owner and operator of renewable energy assets and is looking o further expand this position by exploring a suite of low emission and renewable energy generation evelopment opportunities.