Type Public Revenue 11.15 billion USD (2016) Founded 2006 Net income 1.211 billion USD (2016) | Industry Energy
Utilities Headquarters Sydney, Australia Number of employees 3,358 | |
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Traded as ASX: AGL
S&P/ASX 200 Component Key people Andrew Vesey (CEO & MD) Products Energy
Natural gas generation
Wind power
Hydroelectricity
coal seam gas Services Electricity generation
Electricity distribution
Electricity retailing
Natural gas distribution and retailing CEO Andrew Vesey (12 Feb 2015–) Profiles | ||
AGL Energy (ASX: AGL), a publicly–listed Australian company, provides energy products and services to the Australian economy. The company is involved in both the generation and retailing of electricity for residential and commercial use.
Contents
AGL Energy generates electricity from power stations that use thermal power, natural gas, wind power, hydroelectricity, and coal seam gas sources. The company began operating in Australia in 1837 as The Australian Gas Light Company and claimed in 2014 that it had more than 3.8 million residential and business customer accounts across New South Wales, Victoria, South Australia and Queensland. It has large investments in the supply of gas and electricity, and is Australia's largest private owner, operator and developer of renewable energy assets.
History
The Australian Gas Light Company was formed in Sydney in 1837, and supplied town gas for the first public lighting of a street lamp in Sydney in 1841. AGL was the second company to list on the Australian Stock Exchange. The company gradually diversified into electricity and into a number of different locations.
ActewAGL, a joint venture between the Australian Gas Light Company and ACTEW Corporation, a government-owned enterprise of the ACT Government, was formed in October 2000 as Australia's first utility joint venture. 25% owned by AGL Energy, ActewAGL provides electricity, natural gas, and telecommunication services to business and residential customers in the Australian Capital Territory and south-east New South Wales.
On 6 October 2006, The Australian Gas Light Company and Alinta Limited shareholders approved the merger of AGL’s infrastructure assets with Alinta and the subsequent separation of AGL Energy.
In 2014, AGL Energy launched plans to offer compressed natural gas (CNG) to Australian transport businesses as an alternative to foreign crude and fuel imports. AGL plans to launch public refuelling stations across Australia that will help improve supply of CNG to the Australian market.
Operations and significant assets
AGL operate retail and merchant energy businesses, power generation assets and an upstream gas portfolio. AGL has a diverse power generation portfolio - including base, peaking and intermediate generation plants - spread across traditional thermal generation as well as renewable sources including hydro and wind. The following tables listing significant assets are based on AGL's 2014 Annual Report.
Upstream gas projects
In 2015 the EPA ordered the suspension of AGL's Gloucester operations after finding toxic chemicals had been introduced into Hunter Water's systems. The EPA subsequently found no "evidence of harm to the environment or pollution of waters" and AGL was allowed to continue its Gloucester operations.
^1 Estimated reserves based on Mining SEPP changes. ^2 Under a 50-year project agreement that commenced in 2000, AGL has no effective exploration rights (or ongoing cost obligations) within exploration tenement ATP 1103 as these were assigned to Arrow Energy Limited. However, AGL is entitled to participate up to a 50% interest in any commercial development by contributing its share of past costs. ^3 2P or proved plus probable reserves, are those quantities of gas that are estimated with equal certainty to be greater than or less than actual commercially recoverable quantities. 2C resources are considered not yet commercially recoverable. Consistent with new ASX Listing Rules reporting requirements, gas reserves are now reported net of 'lease fuel' i.e. net of estimated own use fuel consumption upstream of the point of sale.