AGL secures long-term gas storage rights
AGL Energy Limited (AGL) today announced that it has secured long-term gas storage rights utilising the Iona Gas Storage Facility.
EnergyAustralia commenced a sale process for the Iona Gas Storage Facility in June 2015. QIC Limited today announced that Iona Operations Pty Ltd, which is ultimately owned by existing clients of QIC Limited as well as the QIC Global Infrastructure Fund, is the successful bidder for the Iona Gas Storage Facility from EnergyAustralia.
The new storage rights remain subject to a number of conditions precedent, including completion of the sale from EnergyAustralia to Iona Operations Pty Ltd. All conditions precedent are expected to be satisfied within two months.
AGL is one of Australia’s leading integrated renewable energy companies and is taking action to gradually reduce its greenhouse gas emissions while providing secure and affordable energy to its customers. Drawing on over 175 years of experience, AGL serves its customers throughout eastern Australia with their energy requirements, including gas, electricity, solar PV and related products and services. 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, solar, landfill gas and biomass.