AGL reaches agreement with Alcoa
Earlier this year Alcoa of Australia Limited (Alcoa) issued proceedings in the Supreme Court of Victoria against AGL Loy Yang Marketing Pty Ltd 1 (AGL Loy Yang). Alcoa is seeking clarification of certain clauses of its electricity supply agreement (ESA) with AGL Loy Yang for the Point Henry aluminium smelter. As a result of Court ordered mediation, the parties have successfully settled the dispute by mutually agreeing to terminate the ESA. The settlement removes the uncertainty and cost both parties would face in continuing with the litigation.
1. AGL Loy Yang is a subsidiary of AGL Energy Limited.
AGL Energy Limited (AGL) is one of Australia's leading integrated renewable energy companies and is taking action toward creating a sustainable energy future for our investors, communities and customers. Drawing on 175 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.