The announcement came as the gas and power retailer reported additional ongoing cost savings of $55 million per annum as a result of its corporate restructuring program.

Managing director Paul Anthony said the restructuring was now 75% complete.

“Now that we are three quarters of the way through our corporate restructuring program, AGL is able to more clearly define the additional cost savings I had foreshadowed to the market,” he said.

The company expects extra corporate cost savings of $50 million in the current financial year, increasing to $55 million in 2007-08.

AGL said its cumulative savings would be $70 million in fiscal 2007, $85 million the following year and $115 million from fiscal 2009 onwards.

“We will have an immediate, commanding competitive advantage in our existing markets and any other markets we enter, by having the absolute lowest cost to serve, and being able to identify and extract value from whatever part of the energy chain we are targeting,” Anthony said.

He said the corporate restructuring process has resulted in a “flatter, more agile structure, reducing management layers from eight to no more than three layers under the managing director”.