‘Business as usual’: AGL

THE total buy-out of Loy Yang Power by AGL Energy Limited is due for completion by the end of the month.

The Australian Federal Court lifted previous undertakings which had limited AGL’s stake in Loy Yang A owners Great Energy Alliance Corporation Pty Limited to 35 per cent.

That ruling will be discharged on Friday.

The Federal Court announcement, made at the end of May, was the final hurdle for AGL in its bid to buy out other GEAC partners and take over full ownership of Loy Yang A’s power station and mine.

Earlier in May Australian Competition and Consumer Commission (ACCC) advised the company could proceed with its acquisition plans.

Last week AGL announced long-time LYP chief executive Ian Nethercote would leave the company as his role had become redundant.

During meetings with other staff on site last week an AGL spokesperson told The Express the company’s key message was “there will be no significant changes”.

Though the spokesperson conceded there would be “other changes” at LYP’s corporate level, it would largely be ‘business as usual’ for the mine’s plant and operations.