The diversified energy giant agreed to pay $417 million for the power station in January.
The transaction brings AGL’s generation capacity to 3300MW, either in current operation or under construction, representing a 100% increase in less than a year.
Managing director Paul Anthony said the Torrens Island power station (TIPS) provided about 25% of South Australia’s electricity requirements.
“TIPS is a substantial investment by AGL in South Australia and significantly bolsters AGL’s physical position in low carbon-emission electricity generation,” he said.
“The power station also has an excellent remaining operating life of 25 years which has been verified by an independent engineering consultant.”
As part of the transaction, AGL has acquired a 10-year, 300-petajoule gas sales agreement expiring in 2017, together with an associated SEAGas pipeline haulage contract, which expires in 2019.
