AGL ENERGY LIMITED

AGL Energy (AGK)

18 May 2012 | Bianca Hartge-Hazelman

Morningstar has maintained its “accumulate” recommendation on AGL Energy ahead of the company’s plans to take full ownership of Loy Yang A brown coal fired power station and mine in Victoria.

Maoris resist Mighty River sale

18 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 18 May 2012 | PAGE 18 | Maoris resist Mighty River sale

Mighty River Power’s sale process has hit some resistance. A Maori group from NZ’s central North Island is threatening legal action to stop the selldown, saying it is in breach of a 172-year-old treaty.

Desal advice hoists league table

15 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 15 May 2012 | PAGE 18 | Desal work whets the appetite for more privatisations

Providing advice to the Hastings and Ontario Teachers Pension plan consortium, the successful bidder for NSW’s desalination plant, has given Morgan Stanley and RBC Capital Markets a healthy kick up the investment banking league tables.

NAB launches $500 million retail note

PRINT: Capital | 14 May 2012

National Australia has launched the year’s seventh listed debt offering of the year, with a subordinated debt issue that should attract strong demand from both retail and wholesale investors.

$A clings to parity after China cuts reserve ratio

14 May 2012 | Brendon Lau

Before the Bell | The $A is hanging on to parity on Monday and the ASX looks set for a cautious start, pulled between the prospect of further Greek elections and China’s decision to cut its banks’ reserve ratio ■ EU ministers to meet ■ Dimon to host AGM ■ SPI closed down 2pts on Saturday.

ACCC decision in NSW bodes well for Loy Yang deal

14 May 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 14 May 2012 | PAGE 18 | ACCC decision in NSW bodes well for Loy Yang deal

The competition regulator will deliver its verdict on Thursday, May 24, on AGL Energy’s buyout of its partners in Great Energy Alliance Corp, which owns Victoria’s Loy Yang A power station.

NSW will pay a high price for stalling on gas

14 May 2012 | Graeme Bethune

PRINT: 14 May 2012 | PAGE 12 | NSW will pay a high price for stalling on gas

The less gas NSW is able to produce itself, the more it is likely to have to rely on a single and increasingly expensive interstate supply source.

Resources hubris put on hold

12 May 2012 | Tony Boyd

PRINT: 12 May 2012 | PAGE 1 | Resources hubris put on hold

Senior executives at mining giant BHP Billiton were shaken out of their complacency about the resources super cycle in November last year when all projects were put under review.

Pacific Hydro: power play of boutique scale

10 May 2012 | Angela Macdonald-Smith

PRINT: 10 May 2012 | PAGE 3 | A power play of boutique scale

Renewable energy producer Pacific Hydro will rely on targeted, localised marketing of a tailor-made green power package in a bid to win customers for its new retailing business away from majors such as AGL Energy and Origin Energy.

Coles pays high price for my5 scheme

09 May 2012 | Sue Mitchell

PRINT: 09 May 2012 | PAGE 2 | Coles pays a high price for my5 scheme

Food and liquor retailer Coles may have to lift sales by around 2 per cent a year to offset the increased cost of its revamped FlyBuys customer loyalty program.

QGC sells stake in Senex Energy

30 April 2012 | Sarah Thompson and Anthony Macdonald

Queensland Gas, now under the umbrella of British gas producer BG Group, is selling its 8.1 per cent stake in Brisbane-based junior oil and gas explorer Senex Energy.

AGL to re-engage with ACCC over buyout plans

24 April 2012 | Perry Williams

Energy company AGL said it would “re-engage” this week with the Australian Competition and Consumer Commission over its planned buyout of its partners in the Loy Yang A power plant in Victoria.

TRUenergy, AGL echo gas shortage fears

19 April 2012 | Perry Williams

PRINT: 20 April 2012 | PAGE 1 | Gas majors echo fear of LNG shortage

Two of Australia’s largest gas providers have backed a warning by Rio Tinto that big industry will struggle to secure domestic supply deals after 2014 as producers start shipping liquefied natural gas to Asia.

The first Stone is Freehill’s rock

PRINT: Capital | 18 April 2012

The legal queen of capital markets, Philippa Stone, is one of the highest contributors to Freehills’ equity partnership in recent years because she has navigated to areas where the work is.

Time to come to terms with hybrids

18 April 2012 | Jonathan Shapiro

PRINT: 18 April 2012 | PAGE 1 | Hybrids: weigh up risk and reward

Investors need to keep levels of exposure and desired objectives in mind when chasing returns.

Green energy absorbs heat

13 April 2012 | Marcus Priest

PRINT: 13 April 2012 | PAGE 16 | Green energy absorbs heat

Energy retailers may absorb up to $50 million in losses a year after the introduction of the carbon tax because of its impact on “green power” supplies being provided to over 750,000 customers.

Row over 16pc power rise

12 April 2012 | Marcus Priest

PRINT: 13 April 2012 | PAGE 1 | Row over 16pc power rise

The NSW and federal governments have blamed each other for a proposed 16 per cent rise in power costs in the state that the pricing regulator said was due to the carbon tax and ­spiralling network costs.

Company briefs

05 April 2012 |

PRINT: 05 April 2012 | PAGE 18 |

Whitehaven Coal has lowered its production expectations for this half by 400,000 tonnes.

AGL and Shenhua fall foul of audit

05 April 2012 | Perry Williams

PRINT: 05 April 2012 | PAGE 9 | AGL and Shenhua fall foul of audit

Coal seam gas producer AGL Energy and Chinese coal miner Shenhua Group are among companies to have fallen foul of an NSW government audit into coal and petroleum exploration licences.

Polluters target overthrow of RET

05 April 2012 | Marcus Priest

PRINT: 05 April 2012 | PAGE 4 | Polluters target overthrow of RET

Heavy polluters are set to call for the scrapping of the Gillard government’s renewable energy target when it is reviewed this year, claiming it is economically inefficient and environmentally ineffective.

AGL's power station buy hits ACCC hurdle

04 April 2012 |

The competition watchdog has suspended its clearance process for AGL Energy's purchase of Australia's largest brown coal power station.

APA gets gas over pipeline deal

03 April 2012 | Michael Smith

PRINT: 03 April 2012 | PAGE 64 | APA gets gas over pipeline deal

Mick McCormack has had plenty of experience bedding down tricky acquisitions, leading a successful growth strategy at APA Group.

Get fracking: NSW warned on looming gas crisis

29 March 2012 | Angela Macdonald-Smith

PRINT: 29 March 2012 | PAGE 29 | Get fracking or risk shortages in just three years, NSW warned

NSW faces a potential crisis in gas supply within three years unless the government approves a number of coal seam gas projects despite community concerns, two consultancies warn.

NSW facing gas shortage without more approvals

28 March 2012 | Angela Macdonald-Smith

NSW faces a potential crisis in gas supply within three years unless the government approves a number of coal seam gas projects despite persistent community concerns, said Wood Mackenzie.

Coal producers to cough up

27 March 2012 | Angela Macdonald-Smith

PRINT: 27 March 2012 | PAGE 21 | Coal producers to cough up

Victoria’s struggling brown coal-fired power producers will bear the brunt of refinancing obligations in the power sector this year with close to $2.7 billion of debt falling due, according to Fitch Ratings.

Utility sector to refinance $5bn this year

26 March 2012 | Angela Macdonald-Smith

Australia’s utility sector needs to refinance about $5 billion of debt this year, less than half the $12 billion of debt maturities rolled over last year, according to Fitch Ratings.

AGL big on wind power

24 March 2012 | Angela Macdonald-Smith

PRINT: 24 March 2012 | PAGE 21 | AGL big on wind power

AGL Energy has foreshadowed a go-ahead next year for the first stage of a huge wind power project in NSW, in a clear sign it expects a better climate for renewables.

AGL gets giant wind farm project moving

23 March 2012 | Angela Macdonald-Smith

AGL Energy has paved the way for a giant wind farm investment in the far west of NSW, buying the rights for a potential 1000-megawatt project that could cost up to $2.5 billion to develop in full.

Merrill: ACCC shouldn’t interfere

22 March 2012 | ANTHONY MACDONALD AND STEPHEN SHORE

The ACCC is looking into AGL Energy’s buyout of Victoria’s Loy Yang A power station..

Citi’s burst of energy puts it ahead in M&A table

20 March 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 20 March 2012 | PAGE 18 | Citi’s burst of energy puts it ahead in M&A table

While it’s still only early in the year and the big deals have yet to have time to complete, Citigroup would be pleased with its position on Dealogic’s announced mergers and acquisitions table.

AGL sells off NZ exploration interest

16 March 2012 | Angela Macdonald-Smith

AGL Energy has divested its interest in a New Zealand exploration permit that it acquired through its takeover of Mosaic Oil in 2010, selling the asset to New Zealand Oil & Gas for $US3 million ($2.86 million).

Alinta switches on again

15 March 2012 | Kevin Chinnery

PRINT: PAGE 33 | Alinta switches on again

Only months before Jeff Dimery took over as chief executive of Alinta Energy in March last year, it was not clear if the Perth-based power and gas company could keep its own lights burning, never mind anyone else’s.

Business push for clean energy brake

14 March 2012 | Marcus Priest

PRINT: 14 March 2012 | PAGE 4 | A push for clean brake

Senior executives from major banks and superannuation funds have urged the federal government to ensure its $10 billion clean energy fund does not crowd out private investment in renewable energy projects.

Down Under shows its upside

09 March 2012 | Dominic White

PRINT: 09 March 2012 | PAGE 23 | Down Under shows its upside

Those 50 of Australia’s top executives that jetted to Citi’s annual Australia & New Zealand investment conference this week must have felt truly at home.

CSG draft rules don’t worry explorers

08 March 2012 | Dominic White

PRINT: 08 March 2012 | PAGE 32 | CSG draft rules don’t worry explorers

AGL and Santos have shrugged off suggestions that new rules for coal seam gas exploration in NSW could damage their businesses.

AGL to increase $650m hybrid margin

05 March 2012 | Paulina Duran

AGL Energy will increase margins of its $650 million hybrid raising, following feedback the securities were too tightly priced.

Brokers shouldn’t ‘push’ hybrids, says regulator

05 March 2012 | John Kehoe

PRINT: 05 March 2012 | PAGE 22 | Brokers shouldn’t ‘push’ hybrids, says regulator

The Australian Securities and Investments Commission has accused stockbrokers of putting commissions ahead of the interests of retail clients in recent hybrid securities issuances.

AGL hybrids sought anyway

02 March 2012 | Sarah Thompson, Stephen Shore and Anthony Macdonald

PRINT: 02 March 2012 | PAGE 18 | AGL hybrids sought anyway

Bids for AGL Energy hybrids are due on Tuesday and buyers have been told the offer size will not be increased.

TRUenergy in funding crunch on NSW power bid

01 March 2012 | Angela Macdonald-Smith

PRINT: 01 March 2012 | PAGE 29 | TRUenergy in funding crunch on NSW bids

TRUenergy is hungry for merger and acquisitions, and the Hong Kong-owned company will have to look at a range of capital raising options to fund any deals.

AGL announces $650 million notes issue

29 February 2012 | Philip Baker

PRINT: 29 February 2012 | PAGE 35 | AGL offers notes issue

AGL Energy yesterday released the details of its highly anticipated hybrid securities offer.

TRUenergy fit for float

29 February 2012 | Angela Macdonald-Smith

PRINT: 29 February 2012 | PAGE 20 | TRUenergy fit for float

TRUenergy, the CLP group-owned electricity generation and distribution company, may be heading for an initial public offering in the second half of this year.

Short fuse for long-awaited power play

29 February 2012 | Sarah Thompson and Anthony Macdonald

PRINT: 29 February 2012 | PAGE 18 | Short fuse for Baird’s NSW electricity sale

February may be the shortest month of the year but for investment bankers it has proved the longest of waits as NSW Treasurer Mike Baird deliberates on the make-up of his panel of preferred advisers

Loy Yang Power debt refinancing under ASIC scrutiny

28 February 2012 | Angela Macdonald-Smith

PRINT: 29 February 2012 | PAGE 20 | Loy Yang debt under ASIC scrutiny

Loy Yang Power has been ordered to keep the Australian Securities and Investments Commission updated on progress toward refinancing $565 million of debt as a condition of continuing to trade electricity derivatives.

AGL launches $650m note issue

28 February 2012 | Paulina Duran

AGL Energy has launched its highly expected $650 million subordinated note issue to help fund the acquisition of the Loy Yang A power station.

ACCC starts review of AGL-Loy Yang deal

27 February 2012 | Angela Macdonald-Smith

The Australian Competition and Consumer Commission has started an informal review of AGL Energy’s proposed buyout of its partners in the Loy Yang A coal-fired power station in Victoria, a move that it has previously vigorously opposed.

AGL Energy (AGK)

27 February 2012 | Bianca Hartge-Hazelman

UBS has retained its “buy” recommendation on AGL Energy after the company said it planned to raise $1.5 billion to fund the acquisition of the Loy Yang A power station.

Banks group for piece of AGL action

27 February 2012 | Sarah Thompson

PRINT: 27 February 2012 | PAGE 16 | Banks group for piece of AGL action

As AGL Energy starts to rally support towards raising the $1.5 billion required to buy out its partners in the Loy Yang A power station in Victoria, banking syndicates were already forming over the weekend.

Pacific Hydro challenges big power retailers

27 February 2012 | Marcus Priest

PRINT: 27 February 2012 | PAGE 10 | Pacific Hydro takes on big energy retailers

One of Australia’s largest renewable energy companies will start up a retail arm in a bid to break the dominance of the major retailers, Origin, AGL and TRUEnergy.

AGL calls for repeal of carbon tax

25 February 2012 | Marcus Priest and Angela Macdonald-Smith

PRINT: 25 February 2012 | PAGE 10 | AGL calls for law’s repeal

Energy company AGL has cited upside from the repeal of carbon legislation from a change in government in announcing a conditional deal to acquire full ownership of one of Australia’s dirtiest power stations.

Rudd win could slash carbon tax

25 February 2012 | Marcus Priest

PRINT: 25 February 2012 | PAGE 1 | Resurrection

Kevin Rudd has raised the prospect of rapidly moving to a lower carbon price after Julia Gillard’s $23-a-tonne tax begins on July 1, in a pitch to industry concerns that Australian companies will pay a high cost on emissions while being crunched by a high dollar.

AGL’s Loy Yang gamble

24 February 2012 | Michael Smith

Michael Fraser is taking a gamble on Loy Yang but it is a move that will pay off in the long-term if he gets it right.

Analysts question AGL acquisition

24 February 2012 | Sarah Thompson and Stephen Shore

AGL Energy reported in line with Credit Suisse’s expectations, but the broker questioned the rationale of the Loy Yang A power station acquisition.

AGL to raise $1.5bn for Loy Yang Power

24 February 2012 | Angela Macdonald-Smith

PRINT: 24 February 2012 | PAGE 18 | AGL investors wary of Loy Yang buy

Updated | AGL Energy will raise $1.5 billion to finance the purchase of the Loy Yang A power station in Victoria and repay some of its $2.8 billion of net debt.

AGL wins control of Loy Yang

24 February 2012 | Angela Macdonald-Smith

PRINT: 24 February 2012 | PAGE 45 | AGL wins control of Loy Yang

AGL Energy is set to announce today it has won control of Loy Yang Power after closing in on a deal last night with shareholder Thai-owned Ratch Australia at a sharply higher price than originally proposed.

Origin profit solid but loses customers

23 February 2012 | Sarah Thompson and Stephen Shore

Origin Energy beat analyst forecasts with a robust first-half underlying profit, but a larger than expected loss of retail customers may take some shine off the result.

EnviroWaste to join Leighton arm in sale contest

23 February 2012 | Sarah Thompson and Stephen Shore

PRINT: 23 February 2012 | PAGE 30 | Leighton’s waste management arm first on the block

As investment bankers salivate over a potential sale of Ironbridge Capital’s EnviroWaste, first cab off the rank in the waste space is Leighton’s waste management unit.

AGL inches closer to Loy Yang

21 February 2012 | Angela Macdonald-Smith

PRINT: 21 February 2012 | PAGE 39 | AGL inches closer to Loy Yang

AGL Energy is poised to secure a majority stake in Loy Yang Power, although it will have to wait another two days to learn whether it can buy all of the asset.

ANZ and AGL feed the hybrids frenzy

21 February 2012 | Sarah Thompson and Stephen Shore

PRINT: 21 February 2012 | PAGE 22 | ANZ and AGL feed the hybrids frenzy

Yet more evidence that Australia is going bond crazy emerged on Tuesday as ANZ Banking Group tripled the size of its listed subordinated notes issue to $1.5 billion, from the $500 million launch volume announced last week.

Brown day for green prophets

18 February 2012 | Brian Toohey

PRINT: 18 February 2012 | PAGE 50 | Brown day for green prophets

If power stations like Loy Yang can afford to pay permit prices without cutting emissions, then the local impact will fall on other sectors.

Westpac hopes to raise $1 billion from hybrids

16 February 2012 | Sarah Thompson, Christine Lacy and Stephen Shore

PRINT: 16 February 2012 | PAGE 26 | Westpac hopes to raise $1bn

Australia’s banks have already gone hybrid crazy this week, with Australia and New Zealand Banking Group and Colonial launching $500 million subordinated debt offerings within hours of each other. Hot on their heels is the well flagged tier one hybrid raising by Westpac Banking Corp.

AGL faces equity raising for Loy Yang investment

15 February 2012 | Angela Macdonald-Smith

PRINT: 15 February 2012 | PAGE 43 | AGL faces $1bn raising to fund Loy Yang buyout

AGL Energy is expected to tap equity markets for more than $1 billion should it succeed in taking over Loy Yang Power, which would force it to try to preserve its credit rating while assuming the generator’s debt burden.

ACCC to examine AGL’s Loy Yang move

14 February 2012 | Angela Macdonald-Smith

The competition regulator will examine any proposal by AGL Energy to buy its partners’ stakes in the Loy Yang A power plant, having previously opposed any big increase in the utility’s 32.5pc interest.

AGL offers low price for all of Loy Yang

14 February 2012 | Nabila Ahmed

PRINT: 14 February 2012 | PAGE 16 | AGL wants all of Loy Yang at low price

AGL Energy is chasing full ownership of Victoria’s largest power station and has proposed a buy-out some shareholders have described as “opportunistic”.

AGL bid causes some head scratching

14 February 2012 | Angela Macdonald-Smith

PRINT: 14 February 2012 | PAGE 16 | Bid causes some head scratching

Given Michael Fraser has named Loy Yang A as a candidate for sale, AGL’s bid to buy out shareholders has caused plenty of head scratching.

ASX up as Greek vote offsets local earnings

13 February 2012 | Anna Raissis

PRINT: 14 February 2012 | PAGE 23 | Greek vote best news of the day

News that Greece’s parliament had approved the austerity measures need to stave off bankruptcy helped buoy investor confidence and offset some weak earnings reports domestically.

AGL seeks Loy Yang on the cheap

13 February 2012 | Nabila Ahmed

PRINT: 13 February 2012 | PAGE 1 | AGL seeks Loy Yang on the cheap

Exclusive | AGL Energy is in negotiations with the embattled Tokyo Electric Power to buy a heavily discounted stake in Victoria’s largest power station in a deal that will give it control of the asset.

Bank has the good oil on Woodside

10 February 2012 | Sarah Thompson, Christine Lacy and Stephen Shore

PRINT: 11 February 2012 | PAGE 42 | Bank has the good oil on Woodside

It’s well into February and the 2012 predictions are still rolling in, with Commonwealth Bank the latest to try soothsaying for the oil and gas sector.

Silex chief forging ahead with fewer Flagship funds

10 February 2012 | Angela Macdonald-Smith

PRINT: 10 February 2012 | PAGE 44 | Silex chief forging ahead with fewer Flagship funds

Silex Systems CEO Michael Goldsworthy is confident he will find backers for his 100-megawatt solar power project despite getting far less funding than rival ventures from the government’s Solar Flagships program.

CBA considers hybrid bandwagon

10 February 2012 | Sarah Thompson, Christine Lacy and Stephen Shore

PRINT: 10 February 2012 | PAGE 24 | CBA considers hybrid bandwagon

With only days before three of the four major banks update the market, punters are betting at least one will announce a hybrid capital issue.

Gas reserves trouble GLNG amid floods

09 February 2012 | Angela Macdonald-Smith

Last year’s slow build-up in coal seam gas reserves at the Santos-led Gladstone LNG venture due to wet weather has raised concerns among some analysts just as the venture’s CSG fields have been hit by another wave of flooding.

AGL weighing up merits of a hybrid

09 February 2012 | Sarah Thompson, Christine Lacy and Stephen Shore

PRINT: 09 February 2012 | PAGE 26 | AGL weighs up merits of a hybrid

With hybrids seemingly a preferred choice for raising capital, speculation is mounting AGL Energy may be close to an issue as it looks to fund growth investments.

Greens slam Ferguson on solar projects

07 February 2012 | Louise Dodson,

PRINT: 07 February 2012 | PAGE 1 | Greens slam Ferguson on solar projects

The Greens have launched an assault on Resources Minister Martin Ferguson over the Gillard government’s most expensive solar power projects yet, declaring he had favoured them to defend the coal industry.

Good news: bad news is already factored in

06 February 2012 | Anna Raissis

PRINT: 06 February 2012 | PAGE 19 | Good news: bad news is already known

With reporting season picking up pace this week, the possibility of negative surprises has been greatly reduced and good news is likely to spur relief rallies.

Half-year earnings slump expected

06 February 2012 | Michael Smith

PRINT: 06 February 2012 | PAGE 16 | Half-year earnings slump expected

Corporate Australia is bracing itself for a seventh consecutive fall in half-year earnings as weak consumer sentiment, the high $A and deteriorating economic conditions in Europe take their toll.

Independents want priority in gas probe

28 January 2012 | Sophie Morris

PRINT: 28 January 2012 | PAGE 4 | Independents want priority in gas probe

Projects proposed by AGL, Shenhua and BHP Billiton might be hit by new assessments of how coal and coal seam gas projects affect water reserves.

Citi cools on AGL Energy

20 January 2012 | Sarah Thompson and Stephen Shore

Citigroup cuts AGL Energy to ‘neutral’ despite the acquisition opportunities for the energy provider this year.

AGL Energy (AGK)

20 January 2012 | Brendon Lau

Citigroup has downgraded AGL Energy to “neutral” from “buy”.

Senex on show for bigger players

17 January 2012 | Sarah Thompson and Christine Lacy

PRINT: 17 January 2012 | PAGE 18 | Senex on show for bigger players

Senex shares jumped 10 per cent on Street Talk’s report that AGL is running the ruler over it.

Senex in cross-hairs of AGL Energy

16 January 2012 | Sarah Thompson, Christine Lacy and Stephen Shore

PRINT: 16 January 2012 | PAGE 18 | Senex in cross-hairs of AGL Energy

Shale gas explorer Senex might have foreign players sniffing around but real interest has arisen closer to home.

Merrill warns on CSG risks for AGL

15 December 2011 | Angela Macdonald-Smith

Merrill Lynch has warned of the risks to AGL Energy from the escalating furore around coal seam gas developments in NSW, which could push back the timing of some projects.

Winemakers vote to expel AGL over CSG

09 December 2011 | Perry WIlliams

Updated | The Hunter Valley Wine Industry Association has passed a resolution to expel AGL from their ranks because of its coal seam gas exploration in the premier wine-making region.

AGL suspends drilling for gas at NSW farm

08 December 2011 |

Natural gas company AGL has announced it will suspend drilling at a northern NSW farm to allow community consultation to take place.

Financial Services briefs

08 December 2011 |

PRINT: 08 December 2011 | PAGE 41 |

Investment group Platinum Asset Management says its funds under management were $15.5 billion at the end of November, down from $16.1 billion at the end of October.

AGL Energy (AGK)

07 December 2011 | Joanna Heath

PRINT: 08 December 2011 | PAGE 26 |

Shares in Australia’s largest natural gas and electricity supplier, AGL Energy, have fallen 4.5 per cent this year, while the S&P/ASX 200 utilities index is up 2.5 per cent.

Greens throw support behind CSG blockade

06 December 2011 |

NSW Greens Senator Lee Rhiannon has thrown her support behind farmers blockading a dairy farm north of Newcastle.

NSW extends fracking ban

02 December 2011 | Angela Macdonald-Smith

PRINT: 03 December 2011 | PAGE 7 | NSW extends fracking ban

The NSW government has extended its temporary ban on the use of hydraulic fracturing - or fracking - by the coal seam gas industry for at least three months.

IPART tariff draws fire from solar producers

25 November 2011 | Claire Stewart

PRINT: 25 November 2011 | PAGE 4 | IPART tariff draws fire from solar producers

NSW households and small businesses selling solar power into the electricity grid would be paid 8¢ to 10¢ a kilowatt hour if retail distributors accept an IPART report.

Sparks to fly over solar feed-in tariff

24 November 2011 | Claire Stewart

NSW electricity retailers are facing the prospect of paying a feed-in tariff for solar electricity produced by households and small business customers which is returned to the power grid.

AGL expands gas storage plans

23 November 2011 | Angela Macdonald-Smith

PRINT: 23 November 2011 | PAGE 45 | AGL expands gas storage plans

AGL Energy has stepped up its push into natural gas storage on the eastern and southern seaboard in a bid to tap into lucrative opportunities in gas trading markets.

What are CEOs really taking home?

23 November 2011 | Michael Smith

PRINT: 23 November 2011 | PAGE 6 | What are CEOs really taking home?

Alan Joyce’s pay slip varies dramatically, depending on who you talk to.

Bonus a big carrot but also a big stick

23 November 2011 | Angus Grigg

PRINT: 23 November 2011 | PAGE 3 | Bonus a big carrot, but also a big stick

So many factors can affect whether a chief executive is awarded a bonus. Here are a handful of bosses who had their share of ups and downs.

Santos queries need for coal seam gas committee

22 November 2011 | Perry Williams

PRINT: 22 November 2011 | PAGE 10 | Santos queries need for panel

Santos has broken ranks with its peers to hit out at a government measure requiring tighter scientific and environmental scrutiny of coal seam gas projects.

Walk fails the talk on gender case

22 November 2011 | Catherine Fox

PRINT: 22 November 2011 | PAGE 5 | Walk fails the talk on gender case

Men in the senior ranks of business agree gender inequity is a problem but rank themselves superior leaders, a new study shows.

AGL in talks to expand gas storage

21 November 2011 | Angela Macdonald-Smith

AGL Energy plans to expand its Silver Springs underground gas storage plant in Queensland and is seeking approval for new storage in South Australia, to take advantage of opportunities arising in the rapidly developing gas markets on the eastern and southern seaboard.

Santos scraps pipeline plan

18 November 2011 | Michaela Whitbourn

PRINT: 18 November 2011 | PAGE 4 | Santos scraps pipeline plan

Resources giant Santos has withdrawn its plans for a controversial coal seam gas pipeline in central western NSW.

Green body threatened by mutiny

17 November 2011 | Marcus Priest

PRINT: 17 November 2011 | PAGE 8 | Green body threatened by mutiny

Internal fighting has broken out at the peak body representing the clean energy sector, amid claims it is now biased towards large power companies.

Energy utilities ride power surge through chaos

14 November 2011 | Joanna Heath

PRINT: 14 November 2011 | PAGE 24 | Energy utilities ride power surge through chaos

Utilities have served as an investor favourite through the recent market turmoil for their safe returns and high dividend yields, but they may fall out of favour.

We’re all holding our breath over carbon

12 November 2011 | Claire Stewart

PRINT: 12 November 2011 | PAGE 33 | We’re all holding our breath over carbon

Investors can stop worrying about any near-term effect the federal government’s carbon tax will have on their energy and utilities stocks.

Carbon tax a boost for AGL

09 November 2011 | Sarah Thompson and Stephen Shore

Credit Suisse upgrades earnings-per-share expectations for AGL Energy after the carbon tax makes it through the Senate.

Beach predicts gas price surge

08 November 2011 | Perry Williams

Beach Energy MD Reg Nelson predicts gas prices on the east coast of Australia could surge to $9 a gigajoule as Queensland-based CSG projects suck existing domestic supplies from the system.

Advisers urge electricity split to whet buyers’ appetite

01 November 2011 | Anthony Macdonald

PRINT: 01 November 2011 | PAGE 4 | Advisers urge NSW electricity split to whet buyers’ appetite

A sale of NSW’s electricity poles and wires, if split into digestible parts, would attract superannuation funds, sovereign wealth funds and private equity.

NSW urged to finish power sell-off

01 November 2011 | Michaela Whitbourn

PRINT: 01 November 2011 | PAGE 1 | NSW urged to finish power sale

The NSW government is being urged to privatise the state’s electricity sector to unlock up to $60 billion in capital to spend on infrastructure projects.

Pricey watts limit field

01 November 2011 | Stephen Shore

PRINT: 01 November 2011 | PAGE 11 | Pricey watts limit field

Bankers estimate the Macquarie Generation and Delta Coast assets that the Tamberlin Inquiry recommends selling could be worth $2 billion to $2.5 billion.

When coal seam gas catches fire

29 October 2011 | Angus Grigg

PRINT: 29 October 2011 | PAGE 49 | When coal seam gas catches fire

It’s going to get ugly when companies move from coal-seam-gas exploration to production.

Directors strike out

29 October 2011 | Patrick Durkin

PRINT: 29 October 2011 | PAGE 44 | No pay rise for you!

When Foster’s chairman David Crawford found himself in the stairwell after the vocal shareholder meeting, he may well have had a good reason.

Don’t use my name for CSG: McGuigan tells AGL

28 October 2011 | Angus Grigg

PRINT: 28 October 2011 | PAGE 8 | McGuigan begs to

Wine industry veteran Brian Mc­Guigan , who manages a vineyard for AGL Energy in the Hunter Valley, has rebuked the company for using his name in an attempt to garner support for the coal seam gas industry.

Strong protest vote against AGL’s Fraser

28 October 2011 | Julie-anne Sprague

PRINT: 28 October 2011 | PAGE 46 | Strong protest vote against AGL’s Fraser

A move by AGL to placate shareholders angry about termination entitlements to chief executive Michael Fraser appears to have come too late.

AGL expects underlying profit growth

27 October 2011 |

AGL Energy expects its underlying profit to grow by up to 16 per cent this financial year driven by strong growth in power generation, despite a large cut in wind farm development fees.

Rescue efforts push equities, $A higher

27 October 2011 | Joanna Heath, claire stewart

Before the Bell | Wall St closes up 1pc as EU begins to negotiate measures to contain euro debt crisis ■ Plans to boost bailout fund to €1 trillion ■ China, Russia offer to boost EFSF ■ SPI up 27pts ■ $A climbs ■ NAB profit jumps 23.6pc

AGL buys Hunter Valley wineries

27 October 2011 | Angus Grigg

PRINT: 27 October 2011 | PAGE 1 | AGL buys up gas farms

AGL Energy is buying up land in NSW’s Hunter Valley in a bid to gain a strategic foothold in the famous wine district as the CSG debate intensifies.

Abbott’s stand sparks power price anger

18 October 2011 | Angela Macdonald-Smith

PRINT: 18 October 2011 | PAGE 1 | Abbott stand sparks power price anger

The electricity industry has warned that power prices will have to rise if the Coalition carries out its threat to abolish the carbon tax, as business leaders said prolonging uncertainty would hold up new investment.

Gillard’s brave carbon future

13 October 2011 | Marcus Priest

PRINT: 13 October 2011 | PAGE 1 | Gillard’s brave carbon future

The Gillard government has secured an ambitious carbon price scheme ahead of many other economies, but business may face up to two years of uncertainty.

AGL Energy (AGK)

10 October 2011 | Claire Stewart

Credit Suisse thinks the return on AGL Energy’s gas-fired generation assets at Xstrata’s Mt Isa mine will be “anaemic”, but the broker expects a contract to supply the gas to the plant to add significant value.

Company briefs

07 October 2011 |

PRINT: 07 October 2011 | PAGE 45 | co briefs

Franklin Resources has upped its stake in surfwear retailer Billabong International to 6.07 per cent from 5 per cent previously.

Gas reserves up 32pc at AGL Energy

06 October 2011 | Dan Hall

Power and gas retailer AGL Energy has announced a 32 per cent increase in gas reserves over the 12 months to June 30, 2011.

Abbott stands by renewable energy target

30 September 2011 |

PRINT: 30 September 2011 | PAGE 10 | Abbott stands by target

Opposition Leader Tony Abbott yesterday rejected calls from business groups and within the Coalition to scrap the renewable energy target.

Hot spotlight on energy pricing

24 September 2011 | Stephen Shore

PRINT: 24 September 2011 | PAGE 42 | Hot spotlight on energy pricing

With an election due in Queensland next year, the politician who can promise to thump power prices into line is on to something.

AGL goes fishing and wins out

20 September 2011 | Sarah Thompson and Stephen Shore

AGL appears to be making some headway in the three way fight for domestic electricity customers in New South Wales between itself, Origin and TRUenergy

AGL praise for costly billing upgrade

20 September 2011 | Paul Smith

PRINT: 20 September 2011 | PAGE 48 | AGL praise for billing upgrade

Power and gas retailer AGL says its core billing system upgrade, which initially blew its budget by up to $135 million, is all but complete and justifying its cost.

Renewables in limbo despite investment chances

20 September 2011 | Marcus Priest

PRINT: 20 September 2011 | PAGE 1 | Renewables in limbo

A carbon scheme could unlock billions in clean energy investment, but political uncertainty and old infrastructure will stymie efforts to bolster renewable energy.

ACCC warns on rising power bills

14 September 2011 | Marcus Priest

PRINT: 14 September 2011 | PAGE 8 | ACCC warns on power costs

Change energy market rules biased towards monopoly power networks will keep costs in check, according to the Australian Competition and Consumer Commission.

Investment strategies for a fickle market

07 September 2011 | Sally Patten

PRINT: 07 September 2011 | PAGE 29 | Best investment strategies for a fickle market

A market index that bounces up and down within a narrow range makes a buy-and-hold strategy difficult to build wealth. There are canny ways around this.

Energy majors hit back in CSG debate

05 September 2011 | Angela Macdonald-Smith

Royal Dutch Shell, BG and PetroChina are backing a pro-coal seam gas campaign in the face of mounting public and environmental opposition that threatens to derail growth plans.

Coal at centre of minister’s power plan

02 September 2011 | Angela Macdonald-Smith

PRINT: 02 September 2011 | PAGE 15 | Coal at centre of minister’s plan

NSW Energy Minister Chris Hartcher has slammed small-scale solar power as “hideously expensive” and warned against relying on renewable energy.

AGL Energy (AGK)

29 August 2011 | Anna Raissis

PRINT: 30 August 2011 | PAGE 26 |

Shares in Australia’s largest power and gas retailer have bounced almost 15 per cent off a low earlier this month, helped by a full-year result in line with expectations.

AGL results solid, JPMorgan says

25 August 2011 | Sarah Thompson and Stephen Shore

JP Morgan’s first take on the results of AGL Energy, Australia’s biggest power and gas retailer, highlight a stronger retail result than the broker had expected.

AGL warns power prices still too low

25 August 2011 | Kevin Chinnery

PRINT: 25 August 2011 | PAGE 44 | AGL warns power prices still too low

Australia’s largest power and gas retailer, AGL Energy, reported underlying profits up 0.5 per cent to $431.1 million in line with reduced guidance.

AGL to return fully franked dividend

25 August 2011 | Dan Hall

Oil and gas producer AGL Energy is expected to announce a return to fully franked dividends on Thursday when it announces its full financial year 2010-11 profit results today.

NSW power venture looks promising

24 August 2011 | Angela Macdonald-Smith

PRINT: 24 August 2011 | PAGE 45 | Venture promising

Evidence so far points to the Origin Energy’s $3.25 billion NSW power acquisition matching up to managing director Grant King’s high expectations.

New assets give more energy

23 August 2011 | Angela Macdonald-Smith

PRINT: 23 August 2011 | PAGE 45 | New assets give

Origin Energy‘s $3.25 billion spending spree in the NSW power privatisation paid dividends in its full-year profit and is set to drive an acceleration in growth in 2011-12.

Origin Energy profit seen up on NSW assets

23 August 2011 | Angela Macdonald-Smith

Origin Energy is expected to report an increase of about 13 per cent in full-year profit before one-time items, boosted by early gains from its $3.25 billion acquisition of power and gas retailing assets in NSW.

Separating frack from fiction

20 August 2011 | Geoff Winestock

PRINT: 20 August 2011 | PAGE 51 | Separating frack from fiction

Coal seam gas could be about to suffer the same fate as the live cattle trade. The industry promises jobs and investment but warnings of ecological catastrophe have whipped up an unusual alliance against it.

AGL puts new spin on coal seam gas

19 August 2011 | Dan Hall

PRINT: 19 August 2011 | PAGE 42 | AGL puts new spin on coal seam gas

AGL may consider listing a spin-off gas company to work collaboratively with coal miners on the extraction of coal seam gas.

Protesters disrupt CSG conference

19 August 2011 | Michaela Whitbourn

PRINT: 19 August 2011 | PAGE 5 | Protesters

Anti-coal seam gas protesters gatecrashed a mining and exploration conference organised by the NSW government in Sydney on Thursday.

Gas footprint is very low, says AGL

18 August 2011 | Dan Hall

AGL upstream gas group general manager Mike Moraza has defended claims made by environmental lobby groups over the industry’s environmental impact.

AGL mulls spin-off for coal bed gas ventures

18 August 2011 | Dan Hall

Oil and gas exploration company AGL may consider listing a spin-off gas company to work collaboratively with big listed coalminers on the extraction of coal bed methane.

Coal seam gas licences feel the heat

04 August 2011 | Michaela Whitbourn

PRINT: 04 August 2011 | PAGE 4 | Coal-seam gas licences under blowtorch

The NSW government is being pressed to reject two coal-seam gas exploration licences, including the Narrabri gas project in the state’s north, because of community concerns about environmental damage.

Oil industry blasts CSG claims

03 August 2011 | Angela Macdonald-Smith

Australia’s oil industry lobby group has rejected a “blatantly incorrect” newspaper report saying one of its representatives admitted coal seam gas drilling would inevitably contaminate water aquifers.

O'Farrell should stop gas drilling, say Greens

03 August 2011 |

NSW Premier Barry O'Farrell should override his energy minister and stop two coal seam gas exploration leases from being renewed, the Greens say.

Companies warned told to watch comments

25 July 2011 | Agnes King

PRINT: 25 July 2011 | PAGE 46 | Companies told to watch comments

Listed companies are being warned to brush up on management commentary included in annual reports, or run the risk of breaching the Corporations Act.

AGL raises $1.2b debt

21 July 2011 | Jonathan Shapiro

PRINT: 21 July 2011 | PAGE 20 | AGL raises $1.2b debt

AGL Energy has raised $1.2 billion of debt in the bank loan market to refinance $886 million of debt and provide additional capex funding.

Picking out value in a new tax era

16 July 2011 | Brendon Lau

PRINT: 16 July 2011 | PAGE 25 | Picking out value in a new world

The carbon tax is not expected to have a material impact on earnings of listed companies, but it will warrant a rethink on longer term investment strategies.

Renewables lure investment dollars

16 July 2011 | Angela Macdonald-Smith

PRINT: 16 July 2011 | PAGE 25 | Renewables lure

Renewable energy stocks have been swept up in a wave of support, but analysts are advising investors to be discerning in their choices.

Fears new costs cannot all be reclaimed from customers

12 July 2011 | Kevin Chinnery

PRINT: 12 July 2011 | PAGE 14 | Fears new costs cannot all be reclaimed from customers

The owners of Victoria’s biggest brown coal power station say the plans to assist the power industry will not stop the erosion of asset values in the generator sector.

Climate fix divides business leaders

11 July 2011 | Louise Dodson

PRINT: 11 July 2011 | PAGE 1 | Climate fix divides business leaders

Business fears it could face greater compliance burdens and a carbon price higher than international competitors but steel makers have welcomed an assistance package.

Fund to assist orderly buyouts

11 July 2011 | Kevin Chinnery

PRINT: 11 July 2011 | PAGE 16 | Fund to assist orderly buyouts

The government is to set up an energy security fund which could spend billions in an orderly buyout of 2000 megawatts of Australia’s dirtiest power generators.

Winners and losers from tax

09 July 2011 | Joanna Heath

PRINT: 09 July 2011 | PAGE 33 | Winners and losers from tax

The impact of Labor’s carbon tax will vary across different sectors, with the potential for some of the worst-affected stocks to fall out of favour with investors.

Minimal impact on investors

08 July 2011 | kevin chinnery

PRINT: 08 July 2011 | PAGE 41 | MINIMAL IMPACT ON INVESTORS

The potential impact on investors in the power generation sector is likely to be modest, Deutsche Bank Global Markets Research says.

Carbon price a small hit to large caps at $20: Deutsche

07 July 2011 | Perry Williams

Deutsche Bank expects the federal government to impose a $20-a-tonne carbon price on Sunday but says the new tax will have a minimal impact on large cap integrated utilities, with muted exposure to coal for Origin Energy and AGL Energy.

Push to back farmers on coal seam gas projects

04 July 2011 | David Crowe

PRINT: 04 July 2011 | PAGE 4 | Push for curbs on coal seam gas projects

The Greens plan to force the major political parties to choose between helping farmers or drillers.