AGL Energy Limited (AGL) has been advised by Great Energy Alliance Corporation Pty Ltd (GEAC) that it and the Commonwealth have entered into a Deed relating to the payment by the Commonwealth of $240.1 million as part of the Commonwealth's carbon assistance package to coal-fired electricity generators.
The execution of this Deed satisfies the last remaining condition precedent to AGL's acquisition of 100 per cent of the Loy Yang A power station and adjacent coal mine.
Completion of the acquisition is scheduled to occur on 29 June 2012.
AGL is one of Australia's leading integrated energy companies and is taking action toward creating a sustainable energy future for our investors, communities and customers. Drawing on over 170 years of experience, AGL operates retail and merchant energy businesses, power generation assets and an upstream gas portfolio. AGL has one of Australia's largest retail energy and dual fuel customer bases. AGL has a diverse power generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, landfill gas and biomass. AGL is Australia's largest private owner and operator of renewable energy assets and is looking to further expand this position by exploring a suite of low emission and renewable energy generation development opportunities.