AGL response to RET Review report

The following statement is attributable to AGL CEO and Managing Director, Michael Fraser:

AGL Energy Limited (AGL) is still reviewing the report by the independent panel on the Renewable Energy Target (RET). We would note however, that whichever option the Government chooses, it needs to ensure that investments made by companies in good faith, are protected.

AGL has been saying for well over a year that closing old, emissions-intensive power plants was a necessary part of any policy designed to encourage new renewable investment.

The RET was designed and implemented when policy makers assumed that electricity demand would increase, carbon pricing would be in place and old inefficient power stations would retire. None of these assumptions have proved to be right. So the RET in its current form needs to change, otherwise it will fail.

AGL’s commitment to renewable energy has not changed – AGL is still the leading private investor in renewables, having invested over $3 billion in renewable energy generation in Australia. We are one of the few companies actually building new renewables today - Australia’s largest solar PV plants at Nyngan and Broken Hill in western NSW. We also own and operate the largest wind farm in the southern hemisphere at Macarthur in south west Victoria.

About AGL

AGL is one of Australia's leading integrated energy companies and largest ASX listed owner, operator and developer of renewable energy generation in the country. Drawing on over 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 taking action toward creating a sustainable energy future for our investors, communities and customers.