Business Services Industry
AGL "ahead of our expectations".
Australasian Business Intelligence, November, 2002
Nov 27, 2002 (The Age - ABIX via COMTEX)
The Australian Gas Light Company (AGL) purchased Pulse Energy for $A880m in July 2002. On 27 November 2002, AGL's MD, Greg Martin, said Pulse was performing ahead of expectations. He said this was because Pulse no longer had the cost burdens that its previous owners - United Energy, Shell, Woodside Petroleum, AMP and Aquila - had imposed upon it. Another cost burden, the $A37m annual fee paid to the Victorian Government's Gascor, had also been removed as a result of the introduction of full retail contestability. In addition, Martin said sales were performing ahead of expectations. Meanwhile, he said AGL was considering buying Victorian generating plants as it looks to expand its role in generation.
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