AGL Energy to put some more wind in its sales

Age
Tuesday 6/11/2007 Page: 3

AGL Energy has expanded its renewable energy portfolio, announcing plans to build its third wind farm in South Australia at a cost of $166 million. Days after selling its 33 per cent stake in West Australian gas retailing business Alinta AGL for $522 million, the embattled energy supplier will build a 71-megawatt wind farm at Hallett Hill, 170 kilometres north of Adelaide.

The news signals the intention of new managing director Michael Fraser to continue with predecessor Paul Anthony's plan to increase AGL's renewable energy generation capacity. The Hallett Hill wind farm will begin operating commercially in November 2009, create 150 jobs during construction and take AGL's commitment to renewable energy to 1000 megawatts.

The Hallett Hill wind farm will significantly add to AGL's capability to self-supply its renewable generation needs, and the operation of all three (South Australian) wind farms will supply a substantial component of AGL's obligations under the Federal Government's Mandatory Renewable Energy Target scheme," Mr Fraser said.

AGL has put considerable work into building a renewable generation portfolio that will deliver substantial environmental and financial benefits in a future carbon-constrained world." At the annual meeting on Thursday, Mr Fraser will give AGL shareholders a progress report on last month's profit downgrade of up to $70 million.

Link www.agl.com.au