ARCHIVE

ACCC backdown leaves AGL keen to finish the job on Loy Yang

The Australian Gas Light Company (AGL) and its Great Energy Alliance Corporation (GEAC) consortiu...

This article is 20 years old. Images might not display.

This follows the Federal Court decision of December 19, 2003, which found that AGL’s proposed acquisition of a minority interest in Loy Yang A was not in breach of the Trade Practices Act.

"AGL and GEAC are very pleased with this outcome including today’s announcement by the Australian Competition and Consumer Commission (ACCC) that they will not appeal the Court judgement," AGL managing director Greg Martin said.

AGL and GEAC have provided a further undertaking to the ACCC relating to monitoring of compliance with the Court lodged Undertaking, consistent with the Federal Court decision.

"We are now moving to complete the acquisition of Loy Yang A by expeditiously satisfying the remaining significant conditions precedent relating to Loy Yang A’s financier approvals and Victorian stamp duty," Martin concluded.

GEAC was formed at the beginning of 2003 by AGL, TEPCO and a group of financial investors led by the Commonwealth Bank to acquire Loy Yang A.

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

Energy News Bulletin Future of Energy Report 2024

With the global energy market in constant development, this report captures the sentiment of key industry players on the future of energy in Australia – and how it has changed through 2024.

editions

ENB CCS Report 2024

ENB’s CCS Report 2024 finds that CCS could be the much-needed magic bullet for Australia’s decarbonisation drive

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.