The extension is required to enable the GEAC consortium partners additional time to meet the remaining significant conditions precedent in the Loy Yang Power Sale Agreement which includes resolution of outstanding Victorian stamp duty and financing approvals.

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.

Previously the federal Court found that AGL's involvement in the acquisition was not in breach of the Trade Practices Act despite ACCC warnings of increased power prices if the deal were to go ahead.

GEAC members include the Tokyo Electric Power Company (TEPCO) and Commonwealth Bank-led investors.