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Review of Gas Assets and Exit of Gas Exploration and Production - AGL Energy Limited

Business  (tags: Australia, Queensland, Moranbah, Silver Springs, Spring Gully, New South Wales, Camden, Gloucester, AGL Energy Limited, withdrawal, exploration, production, natural gas assets )

- 1263 days ago -
AGL Energy Limited today announced that following a review, it has taken a strategic decision that exploration and production of natural gas assets will no longer be a core business for the company.


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Evelyn B (63)
Friday February 5, 2016, 5:50 am
Good news, I think! IF I've read this right, AGL are finding such exploitation uneconomic ... a real dissuasive consideration!!! Please correct or clarify if you have more expertise!

I had to find out this use of "impair", through!!
DEFINITION of 'Impaired Asset'

A company's asset that is worth less on the market than the value listed on the company's balance sheet. This will result in a write-down of that same asset account to the stated market price.

BREAKING DOWN 'Impaired Asset'

If the sum of all estimated future cash flows is less than the carrying value of the asset, then the asset would be considered impaired and would have to be written down to its fair value. Once an asset is written down, it may only be written back up under very few circumstances.

Firm's carrying goodwill on their books are required to make tests of impairment annually. Any impairments found will then be expensed on the company's income statement.

About AGL

AGL is one of Australia’s leading integrated energy companies. It is taking action to responsibly reduce its greenhouse gas emissions while providing secure and affordable energy to its customers. Drawing on over 175 years of experience, AGL serves its customers throughout eastern Australia with meeting their energy requirements, including gas, electricity, solar PV and related products and services. AGL has a diverse power generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, solar, landfill gas and biomass.

(For definitions cited above: Read more: Impaired Asset Definition | Investopedia

Donna T (0)
Friday February 5, 2016, 6:58 am
thank you

Darren Woolsey (218)
Friday February 5, 2016, 7:33 am
Thanks Evelyn.

Past Member (0)
Friday February 5, 2016, 8:05 am

Animae C (508)
Friday February 5, 2016, 2:59 pm
This is spectacular.

News broke yesterday that notorious polluter AGL will abandon all its coal seam gas projects in NSW!1

This is a breathtaking result. These projects were a threat to groundwater, to prime farmland, and to the health of local communities.

AGL's Gloucester project was plagued by a series of alarming accidents, environmental breaches, and cover ups.2,3 In Camden, leaking gas wells were operating directly under people's homes and causing grave concerns for the health of families.4 After years of fighting, these communities can finally celebrate the end of their long nightmare — they've won the battle to protect their families from dangerous CSG.

To everyone involved, a massive thank you and congratulations.

AGL is only abandoning these projects because local communities, shareholders and customers have all stood up to say no to fracking. This incredible victory shows what we can achieve when we stand together to take on the country's biggest polluters.

Ever since AGL elbowed their way into these communities, GetUp members have rallied, petitioned and lobbied to stop them in their tracks. We also broke ground on another front — we hit AGL where it hurt most by switching our electricity accounts away from them and damaging their bottom line through our groundbreaking Better Power campaign.

Here's our impact by the numbers:
36,000 signed a petition that we delivered to CEO Andrew Vesey at AGL's AGM, sparking national headlines about the dangers of CSG5

107,000 said no to fracking in a petition delivered to Premier Mike Baird's office

14,500 members have switched away from dirty providers through the Better Power campaign, wiping millions of dollars off their bottom line

300 protesters converged at AGL's North Sydney headquarters to make one heck of a noise outside their doors for the 100th week of protest against CSG

170 GetUp members with AGL shares signed a resolution putting climate change and renewables on the agenda at AGL's AGM
Now more than ever it's clear that when we band together, we can stop even the biggest polluters. And AGL abandoning coal seam gas on financial grounds6 shows our consumer power is a fast and impactful new string to our bow. It means through leaving these companies we can stand in the way of their dirty plans and their profits.

We estimate the Better Power campaign has taken a total of $50 million from the bottom line of dirty energy providers like AGL, sending a solid message that we won't support their polluting ways. Now, let's use this momentum to double our impact. Will you pledge to switch away from your dirty energy provider today?

Last year, investment analysts Credit Suisse revealed just how powerful our campaign was. They calculated that if 30,000 of us left AGL, we could cost the company $100 million.7 GetUp members rose to the challenge, and now we're seeing the impact that can have.

Almost 15,000 GetUp members have already switched away from Australia's dirtiest energy companies, and the cracks have been showing in dirty projects like AGL's gas portfolio for months. AGL's decision to withdraw from CSG all together is solid proof of the impact we can have when we unite as consumers in the face of bad business decisions. Let's not stop here.

Will you pledge to join the Better Power campaign when it goes live in your state?

Thanks for all you do,

Adam and Kara, for the GetUp team

P.S. This long-term campaign has seen tireless effort from communities and our friends at Lock the Gate, Our Land Our Water Our Future and Groundswell Gloucester, as well as tens of thousands of GetUp members like you. A big thank you and congratulations to everyone involved!

PPS - Santos' Narrabri CSG project in the Pilliga forest is now the last gas project standing in NSW. In the wake of AGL's announcement experts are predicting its days may be numbered. We can't wait to see what this movement can achieve in 2016 to make NSW completely CSG free!


Evelyn B (63)
Friday February 5, 2016, 10:18 pm
AniMae - thanks for sharing all that! *****************************

I'm very happy to find that I had read this rather "bla-bla" article correctly, and that it IS good news as I thought!

Past Member (0)
Saturday February 6, 2016, 3:24 am
Stop exploiting our home and life

Past Member (0)
Saturday February 6, 2016, 7:38 am
Getting past the "hot air"--good. Thanks Evelyn. Noted.

Roberto MARINI (88)
Saturday February 6, 2016, 8:58 am
Thank you Evelyn you are great

Roger G (148)
Wednesday February 10, 2016, 4:08 pm
noted, thanks
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