"South Australia's Energy Minister Tom Koutsantonis has contacted AGL about its decision to suspend investment in power generation in SA.
The company has blamed a proposed cut in electricity prices by the state's energy regulator for its decision.
It says the draft decision, as well as a cut to prices in Queensland, are ill-considered, will harm competition and cause long-term cost increases for consumers.
AGL is suspending two proposed wind farm projects in South Australia, as well as an extension to its gas-fired power station at Torrens Island in Adelaide.
It will also wind back discounts to customers.
AGL says the price rulings could hit after-tax profit by $45 million this financial year but it is still expecting a profit of up to $640 million.
Mr Koutsantonis said he was concerned about AGL's reaction.
"AGL and most of the retailers are happy to take the increases but are always very reticent to give the decreases," he said.
"But I think it's a warning to everyone when you play with power prices you can get some regulatory uncertainty, so I want to make sure ESCOSA (Essential Services Commission of SA) got it right but I always want to make sure that AGL are doing the right thing."
Mr Koutsantonis said he made clear to the company the Government's disappointment about comments made at the AGM in Sydney.
He said the problem was in part due to privatisation.
"Their view is that they've invested over a 20- to 30-year period and they expect a return of 5-7 per cent on their assets. When the regulator drops prices that percentage drops which means make less money," he said.
"This is the problem with privatisation. Privatisation means that you serve your shareholders rather than serving your constituents."
ESCOSA says it looks forward to receiving AGL's submission on its drafting pricing and will consider all arguments before reaching a final decision by the end of the year."
Fonte: ABC News
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