AGL Energy Limited has agreed to sell its digital metering subsidiary, Active Stream Pty Ltd, to Ausgrid. Completion is expected to occur in early December. AGL expects to record a post-tax profit on sale of approximately $25 million in its accounts for the six months ended 31 December 2017. This profit will be recognised as a positive Significant Item, meaning there will be no benefit to Underlying Profit.
AGL started the Active Stream business in May 2015 as part of its New Energy strategy. Since that time, Active Stream has installed more than 230,000 digital meters across New South Wales, Queensland and South Australia. AGL’s decision to divest Active Stream reflects the evolution of AGL’s strategy to become technology agnostic in the development of innovative, data-enabled energy products and services that are accessible to all customers, regardless of meter provider.
Post the sale to Ausgrid, Active Stream will continue to provide digital metering services to AGL on a non-exclusive basis.
AGL is committed to helping shape a sustainable energy future for Australia. We operate the country’s largest electricity generation portfolio, we’re its largest ASX-listed investor in renewable energy, and we have more than 3.6 million customer accounts. Proudly Australian, with more than 180 years of experience, we have a responsibility to provide sustainable, secure and affordable energy for our customers. Our aim is to prosper in a carbon-constrained world and build customer advocacy as our industry transforms. That’s why we have committed to exiting our coal-fired generation by 2050 and why we will continue to develop innovative solutions for our customers.
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