Reactions to the AGM meeting: What is AGL Energy up to?

Social, legal and health issues related to air and water toxic pollution in Australia.

Reactions to the AGM meeting: What is AGL Energy up to?

Postby HVPA_research » Thu Oct 25, 2012 6:47 am

Link to this page:,
Link to Twitter:


Stewart Ewen distributing HVPA Brochure to AGL shareholders.
More pictures from the protest

Media reactions to AGL's Annual General Meeting show two things: Opposition to their NSW coal seam gas mining projects is growing and AGL is muddying
Australian energy markets.

Rally at gas company meeting
RESIDENTS of Gloucester have joined protesters from Campbelltown, Camden and Dalton in a rally outside energy company AGL’s annual general meeting in Sydney today.

Protesters held placards, chanted slogans and handed out information leaflets to those entering the meeting.

The rally was organised to protest AGL projects at Gloucester, Camden and Dalton.

It follows a rally staged by the Barrington Gloucester Stroud Preservation Alliance outside the local headquarters of AGL last Tuesday.

AGL faces anger over coal seam gas
AGL Energy chief executive Michael Fraser has faced shareholder anger over the development of NSW coal seam gas assets.

There were several cries of "rubbish!" from shareholders during Mr Fraser's speech at AGL's annual general meeting (AGM) in Sydney today.

Mr Fraser said coal seam gas was in the NSW community's long-term interests.

"It is very clear, particularly here in NSW, that we need to develop additional resources to meet demand," Mr Fraser said. "If we don't, we are going to have supply issues here in NSW within a few years."

Anti-coal seam gas protesters also gathered outside the meeting.

AGL seeks a regulatory circuit-breaker

The $60 million question mark over the earnings guidance AGL Energy gave to its annual meeting today is another pointer to the failings of competition policy within the electricity sector.

AGL downgraded current year earnings by $45 million for the anticipated effects of regulatory pricing decisions by the Queensland Competition Authority and a draft pricing decision by the Essential Services Commission of South Australia (ESCOSA). The full-year effect of the decisions, if implemented, would be $60 million, it said.

So, what is AGL up to?

Perhaps the explanation is provided in the following comment:
Rob Passey wrote:

The problem isn't that regulated prices have now been set too low, it is that they were, until recently, set too high (AGL seeks a regulatory circuit-breaker, October 23). The recent changes bring the regulated tariffs more in line with the tariffs set by the market. Thus, the cries of doom and destruction by Origin and AGL are simply quite understandable attempts by vested interests to increase profits, and should be interpreted in that light.

23 Oct 2012 4:52 PM
Posts: 588
Joined: Thu Jun 18, 2009 10:26 pm

Return to Coal Seam Gas and Environment

Who is online

Users browsing this forum: No registered users and 1 guest