AGL Energy

Infobox_Company
company_name = AGL Energy Limited
company_
company_type = Public (ASX: [http://www.asx.com.au/asx/research/CompanyInfoSearchResults.jsp?searchBy=asxCode&allinfo=on&asxCode=AGK&companyName=&principalActivity=&industryGroup=NO AGK] )
foundation = 2006
location = flagicon|AUS North Sydney, Sydney, Australia
key_people = Michael Fraser (CEO)
num_employees =
industry = Energy
products = Energy
revenue =
net_income =
homepage = [http://www.agl.com.au agl.com.au]

AGL Energy (asx|AGK) is the largest Australian gas and electricity retailer, with over six million customers. It has large investments in the supply of gas and electricity, and has recently invested in sustainable energy businesses such as wind farms and a hydroelectric power station in Victoria’s High Country. [cite web |url=http://agl.com.au |title=AGL website] Listed on the Australian Securities Exchange (ASX code: AGK), AGL is an S&P/ASX 50 company with a market capitalisation of about A$4.8 billion. The company has been operating in Australia for 170 years and was one of its first listed companies. It maintains a BBB investment grade credit rating from Standard & Poor’s.

History

The Australian Gas Light Company (AGL) was formed in Sydney in 1837. It supplied gas for the first public lighting of a street lamp in Sydney in 1841 and was the second company to list on the Australian Stock Exchange. On 6 October 2006, AGL and Alinta Limited shareholders approved the merger of AGL's infrastructure assets with Alinta and the subsequent separation of AGL Energy. This was subsequently approved by the Federal Court of Australia on 9 October 2006, and AGL Energy began trading on the Australian Stock Exchange on 12 October 2006.

Executive team

AGL is headed by Managing Director and CEO Michael Fraser, an executive who has spent most of his career at the company and its predecessor. Fraser was appointed on 22 October 2007. Further details on the AGL executive team are available on the AGL website. [http://www.agl.com.au/AGLNew/About+AGL/AGL+Leadership+Team.htm]

Customers

More than 6 million Australians use AGL’s gas and electricity in Queensland, New South Wales, South Australia and Victoria, including leading brands such as Coopers Brewery and Arnott's Biscuits.

Climate change

AGL was the first Australian energy company to provide an accredited Green energy product, and was the first Australian company to join the Chicago Climate Exchange, the world’s first carbon trading exchange. In joining the CCX, AGL has committed to a 6% reduction in emissions, based on 1998/2001 levels. It is the only Australian energy company which has imposed such strict carbon limits on itself. In the past 12 months AGL has committed to invest more than $2 billion in renewable generation and has under construction a number of wind and new hydro facilities.

Operations

AGL has told the Australian Securities Exchange that its Four Corners strategy is its blueprint for future growth. [cite web |url=http://www.agl.com.au/NR/rdonlyres/dppjwxgk5lqoswdcudht7ughzglgtoxwtc6m5w3pmogspkhyzt2ke6rnfhn7kknv3qjli6wu57lzj/Citi0607ASXfinalupdated.pdf |title=AGL presentation - Operational and Strategic Update |date=June 2007] AGL seeks to take cornerstone positions in four areas – upstream electricity and gas supply, and the downstream retail of electricity and gas.

Electricity generation

AGL’s 1700MW electricity generation portfolio includes:
* 32.5% stake in coal-fired Loy Yang Power Station (Vic)
* Gas-fired peaking plant at Somerton
* Torrens Island Power Station (TIPS)
* AGL Hydro’s 11 generating schemes
* Wattle Point Wind Farm
* Small-scale biomass, landfill and cogeneration projects

Projects under way include:
* Bogong hydro peaking station (Vic)
* Hallett Wind Farm (SA)
* Hallett Hill Wind Farm (SA)
* Macarthur Wind Farm (Vic)
* Base-load power station in Townsville (QLD)
* Leafs Gully Power Station (NSW)
* Electricity demand: Demand for peak electricity is growing by about 4 per cent annually
* A 100MW generator will power more than one million light bulbs at the same time.
* A 600MW power station can power 200,000 homes.

Gas generation

AGL’s wholesale gas portfolio includes more than 4000 petajoules of equity and contracted gas reserves, with long-term contracts sourced from the Cooper, Surat and Gippsland basins. Other investments include a 50 per cent stake in Moranbah Gas Project, one of Australia’s largest coal-seam methane projects. Moranbah’s output represents about 12 per cent of the Queensland gas market. A 27.5 per cent stake in the Queensland Gas Company

Gas usage: 1 million gigajoules (GJ) = 1 petajoule (PJ) An all-gas household, with gas used for cooking, heating and hot water, will use about 30GJ of gas a year.

Downstream electricity retail

1.6 million electricity customers – more than 25 per cent of South Eastern Australia’s residential and small commercial energy users.

Downstream gas retail

2.1 million gas customers

Energy investments

AGL has a diversified range of investments in generation, transmission, distribution, retail and energy related businesses:
* ActewAGL (50%), Elgas (50%), H C Extractions (HCE) (100%), and the owner of Loy Yang Power, GEAC (32.5%).

ee also

*Renewable energy commercialization in Australia

References

External links

*cite web |url=http://www.agl.com.au/ |title=AGL website |accessdate=2007-01-31
* [http://www.smh.com.au/news/environment/energy-giant-backs-20-renewables/2007/08/29/1188067191612.html Energy giant backs 20% renewables] "The Sydney Morning Herald", 30 August 2007.