The natural gas distributor and retailer said the key changes involve a reduction in fixed and performance-based fees paid, as well as the appointment of current chief executive Robert Browning as an AlintaGas employee.
Apart from ensuring Mr Browning will remain with AlintaGas if the owners of WA Gas Holdings - US-based Aquila and United Energy) - decide to sell out, AlintaGas said renegotiating the OSA will generate significant cost savings for the Perth company.
In the 2002 financial year, AlintaGas paid WA Gas Holdings about $5.5 million under the OSA, which included Mr Browning's remuneration. Under the renegotiated terms, AlintaGas will still be able to seek technical or operational assistance from WA Gas Holdings on a fee-for-service basis.
The much-speculated ownership intentions of Aquila and United Energy are expected to become clearer after October 17, when legislated restrictions on their combined 45 per cent AlintaGas shareholding expire.
The removal of the 5 per cent limit on individual AlintaGas shareholdings - from which Aquila and United were exempt - will also take place on that date.
AlintaGas shares closed 3c lower to finish at $4.05 on Thursday after the announcement.
