AGL Energy Limited (AGL) advises that it has completed the $1,505 million acquisition of the Macquarie Generation (MacGen) assets from the NSW Government. The MacGen assets include the Bayswater and Liddell power stations.
The MacGen operations will transition to form part of AGL's Merchant Energy business, headed by Group General Manager Anthony Fowler.
Managing Director and CEO, Michael Fraser, said that as a result of the acquisition, Macquarie Generation Chief Executive Steve Saladine will leave MacGen with effect from 6 September, 2014.
Scott Thomas, currently AGL’s General Manager, Business Customers, has been appointed to the role of General Manager, AGL Macquarie, which will be the new head of business role.
Mr Saladine has been MacGen’s Chief Executive since November 2013 and was previously General Manager, Production at NSW generator Delta Electricity.
“Steve has been heavily involved with the NSW generator sale process. I would like to thank him and his leadership team for their professionalism during the MacGen sale process and transition of ownership to AGL,” Mr Fraser said.
“I would also like to acknowledge Steve’s outstanding contribution to the Australian power industry in a career spanning more than 35 years, including a variety of senior leadership positions.”
Mr Saladine said that AGL’s commitment to invest significantly to improve power station reliability will secure the future of the assets.
“I am pleased that the AGL acquisition will provide greater certainty for the MacGen workforce after a lengthy sale process,” said Mr Saladine.
Mr Fraser said there would be minimal structural changes at MacGen while AGL takes time to learn about the business and determine how best to integrate it with AGL.
“We will operate MacGen with an emphasis on continuity as the business is gradually integrated with AGL over time,” said Mr Fraser.
He emphasised that AGL would honour all commitments previously given by the NSW Government to employees in respect of security of employment and entitlements“.
We are very pleased to have the people and assets of MacGen in the AGL portfolio. They join a company with a rich Australian history going back 177 years, offering experience and diversity of employment across a range of generating assets and disciplines,” he said.
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.