UPDATE 1-Australia's AGL turns down Alinta offer, to shut down Liddell in 2022 [Reuters]
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Source: Reuters
UPDATE 1-Australia's AGL turns down Alinta offer, to shut down Liddell in 2022 | Reuters Reuters Staff 2 Min Read (Adds company statement, background) May 21 (Reuters) - Australian energy retailer AGL Energy said on Monday it would not proceed with the A$250 million ($188.10 million) sale of its Liddell coal-fired power plant to Chow Tai Fook Enterprises’ Alinta Energy unit, reaffirming that it would shut down the plant in 2022. “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 company said in a statement. Chinese-owned Alinta Energy had made an unsolicited bid for the ageing plant in April, amid a national debate in Australia over energy security in the country stemming from a projected supply shortfall in the near future. AGL had come under pressure from Australia’s prime minister either to sell the plant or keep it running beyond 2022, following a string of blackouts and p
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