AGL Energy Updates On Its Wind Energy And Power Projects

Published: 25-Feb-2009

AGL Energy Ltd. (AGL Energy) expects to approve power plant and wind energy ventures in 2009 for construction in the southeast region of Australia. This will boosts investments of the company in cleaner generation. The Hallett 4 wind project may receive approval in the near future. The Hallett 3 and Oaklands Hill wind ventures may be approved in the second half of 2009, while the 360-megawatt Leafs Gully gas-fired generator in New South Wales is expected to be approved by 2010.

“It’s been a very good and favorable story in the current market conditions,” Parvathy Iyer, a credit analyst at Standard & Poor’s Ratings Services in Melbourne said. “AGL is trying to retain its position of strength to bid” for the New South Wales power assets, she said.

AGL Energy Managing Director Michael Fraser said AGL will continue efforts to expand its renewable energy business, build gas reserves and develop gas generation investments to help deliver returns in “challenging economic conditions.

AGL Energy is a Sydney-based company.

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