AGL Energy issued a statement to the ASX, saying the company’s board – which the prime minister, Malcolm Turnbull, and Frydenberg, had been lobbying – had determined Alinta’s offer was “not in the best interests of AGL or its shareholders”. • Sign up to receive the top stories in Australia every day at noon“The offer significantly undervalues future cash flows to AGL of operating the Liddell power station until 2022 and the repurposing of the site thereafter,” the AGL statement said. “In considering the offer, AGL sought external expert advice on matters relevant to the offer, including the capital expenditure requirements across all plant components and the reliability and safety profile of the ageing power station. Coalition's energy guarantee: modelling assumes Liddell power plant retired by 2023 Read moreAGL has been signalling for some time it will close Liddell in 2022 and replace it with renewables, batteries, gas power, upgraded coal power and demand response. Both the competition watchdog and Aemo have argued that more competition in the NSW energy market would benefit consumers, given power prices have increased.

Source: The Guardian May 21, 2018 02:48 UTC