AGL Resists Political Pressure

Bullying the management of AGL Energy by Prime Minister Turnbull and his government has blown up in his face with yesterday’s annual meeting in Sydney being told AGL has no intention of changing course and keeping the ageing and inefficient Liddell coal fired power station in the Hunter Valley region of NSW open beyond its scheduled closure in 2022.

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Australia May Need To Import Natural Gas

Three years ago, AGL Energy warned of the dramatic imbalance between Australia’s LNG export commitments and inadequate domestic supply. Today, AGL is assessing the merits of building a gas import facility. That’s right. Australia, with some of the world’s largest natural gas reserves, may soon need to import gas for domestic consumption. How has it come to this?

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What Does Hazelwood Closure Mean For AGL?

French owner ENGIE will close Victoria’s Hazelwood power station and associated brown coal mine in March 2017. This is consistent with the company’s strategy to exit coal activities. Hazelwood recently supplied around 20% of Victoria’s electricity generation. As a result, the upcoming closure is expected to substantially tighten the supply/demand balance in the wholesale electricity market in Victoria from 2017, and make prices more volatile and higher on average.

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AGL Gas Margins Squeezed

AGL shares dipped 3% to $19.69 yesterday after the company revealed higher costs from wholesale gas purchases in recent months. But the company said the extra cost would be taken in the 2016-17 financial year and would not impact its guidance for the 2015-16 financial year.

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