Victorian Stamp Duty Finalised for Loy Yang Acquisition
AGL Energy Limited (AGL) today announced that it has recently finalised payment of Victorian stamp duty pertaining to the acquisition of the outstanding 67.46% interest in Great Energy Alliance Corporation Pty Limited (GEAC1).
The accounts for the half year ended 31 December 2012 showed a contingent liability for stamp duty of $82.0 million. The total amount paid to the Victorian government was $52.9 million.
This expense will be treated as a significant item in AGL's financial statements for the year ended 30 June 2013, which is consistent with the accounting treatment outlined at the time the acquisition was announced in February 2012.
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.