One of Australia's largest energy retailers, the Australian Gas Light Company (AGL), has abandoned the West Australian electricity market after selling its 15% minority stake in the Southern Cross Energy Partnership.
The $11.9 million sale was made to TEC Desert, which owns the other 85% in Southern Cross Energy. TEC Desert is a wholly-owned subsidiary of Canadian electricity generator TransAlta Corporation.
Southern Cross Energy owns four 40 megawatt natural gas power generation facilities, diesel back up engines and associated transmission networks connected to WMC's nickel and gold mining operations in the Goldfields region of WA.
AGL said the sale was part of its strategy to focus on core strategic assets and, consistent with previous announcements, WA power assets were deemed to be non core.
