AGL looks to increase Loy Yang stake

Reported by AAP
Monday, February 13, 2012
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AGL Energy may increase its stake in Victoria's Loy Yang A power station if fellow owner Tokyo Electric Power Company (TEPCO) exits the ownership group.

TEPCO runs the crippled Fukushima nuclear power station in Japan which was devastated by an earthquake in March, 2011.

The Japanese company is reviewing all of its investments as it deals with the continuing crisis at Fukushima.

AGL said on Monday it is in talks with TEPCO and other shareholders in Great Energy Alliance Corporation (GEAC), which owns Loy Yang A and 1.6 billion tonnes of coal, about a restructure of the group.

AGL said it may increase its interest in GEAC, but any deal would be contingent on approval by all members of the group, plus the removal of Federal Court undertakings limiting AGL's ownership to 35 per cent.

"Negotiations are incomplete and there is no certainty that a transaction will proceed," the company said in a statement.

AGL and TEPCO each own 32.5 per cent of the GEAC, with Thailand's Ratchaburi Electricity and three superannuation funds owning the remaining interests.

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22/05/2012 00:23Sydney, Australia. 22 May,2012
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