Latest news with #AGL
ABC News
5 days ago
- Business
- ABC News
Groups call for Victorian coal mine operators to pay for rehabilitation water
Victoria's power legacy is carved deep into the landscape in the Latrobe Valley. The heart of Victoria's coal-fired power industry, the region is home to three large coal mines that are collectively more than four times the size of Sydney Harbour. Those mines are in the process of closing as Victoria phases out coal power. The first, Hazelwood, closed in 2017, with the Yallourn mine to follow in 2028, and the last, Loy Yang, set to close in 2035. As part of their rehabilitation strategies, their owners plan to fill the mines with water and turn them into lakes. In doing so, the companies are relying on international cases of rehabilitation, such as the Ruhr Valley in Germany, and Lake Kepwari in Western Australia as examples of best practice. Power companies are required to present their rehabilitation strategies to the Victorian government for approval to ensure that they are safe and stable for the long term. But proposals to draw the water from the nearby Latrobe River system, and the vast quantities of water required, have environmentalists concerned. Environment Victoria senior organiser Hayley Sestokas said the river was already stressed and "in a state of terminal decline". "They already receive less than half of the flows they need to flush themselves out," Ms Sestokas said. "That helps prevent deadly algal blooms and increases in salinity, and these things are going to get worse as climate change heats the water as well." A 2019 Victorian government water study found that the amount of available water in the Latrobe River system was in decline and predicted to fall further due to climate change. It found long-term available water declined by a quarter between 1997 and 2017, from about 800 gigalitres (GL) a year to about 600GL. The report predicted that the amount would fall to about 467GL by 2050 and 334GL by 2080. Power generators have access to water to run their power stations, but those entitlements do not allow it to be used for mine rehabilitation. To fill the three mines, a total of 2,354GL of water is needed — more than four times the volume of Sydney Harbour at 500GL. Yallourn will need 630GL, Hazelwood 637GL, and Loy Yang 1,087GL. To access the water, operators for Yallourn and Loy Yang need to apply to the Victorian water minister for a bulk water entitlement. Engie, the company behind Hazelwood, has a separate private contract with Gippsland Water. AGL, which operates the Loy Yang mine, has made an application for an entitlement of up to 35.8GL a year for mine rehabilitation. On its website, AGL said the amount being requested was "the total of the historical average annual volume of water used for power generation". The Victorian government is seeking community feedback on the application, which closes on August 15. Environmentalists want the state government to charge mine operators to access the water for mine rehabilitation, with the money raised invested in projects to improve river health. "The funds generated must be reinvested locally into programs to help protect and restore the Latrobe River system." Victorian Recreational Fishing Peak Body (VRFish) representative Rob Caune, who has spent half a century on the region's waterways, said he was concerned about the impact filling mines with water would have downstream. Mr Caune, who is also a member of the Gippsland Lakes Recreational Fishing Alliance, said he was not convinced the mine operators' attempts to mitigate environmental impacts by staggering the water input over wetter or drier years would work. "The total amount of water required to rehabilitate all three brown-coal mines is [nearly] 2,500 billion litres of fresh water that is to come out of our already stressed rivers that flow into the Gippsland Lakes," he said. AGL said it was seeking access to water to fill the Loy Yang mine as part of its plan to rehabilitate the mine in a manner that was "safe and sustainable". It did not directly answer questions about whether it should pay for the water access. "Technical studies currently indicate that repurposing the coal mine pit as a lake is the most viable and sustainable rehabilitation option," AGL Loy Yang general manager Christo van Niekerk said. "A lake could create new habitats for wildlife and increase opportunities for the mine pit to be useful for a range of purposes in the decades ahead." Mine operators for Hazelwood and Yallourn similarly told the ABC a lake was the safest and most sustainable option for mine pits, with the water to be gradually used over a 10 to 20-year period. A spokesperson for the Victorian government said: "No decision has been made on AGL's application for a new bulk water entitlement and any water accessed for mine rehabilitation would not diminish the entitlements of existing users, including farmers and the environment."
Business Wire
6 days ago
- Business
- Business Wire
Assured Guaranty Insures $600 Million in Third Transaction for JFK International Airport's New Terminal One Project
NEW YORK--(BUSINESS WIRE)--Assured Guaranty Inc. (AG)* has insured $600 million of Special Facilities Revenue Bonds issued by the New York Transportation Development Corporation on behalf of JFK New Terminal One (JFK NTO), a consortium comprising of Ferrovial Airports, JLC Infrastructure, Ullico Inc. and Carlyle. This is the third transaction AG has insured for JFK NTO, for a total of $2.2 billion out of the $5.9 billion of bonds issued to date by JFK NTO. The other two successful transactions closed in December 2023 and June 2024. The insured bonds priced on July 16 as part of a $1.367 billion Series 2025 issuance. Lorne Potash, Managing Director, Head of Infrastructure Finance, Americas commented, 'The strength of our partnership with JFK NTO and its transaction team has been proven once again with strong demand for our support on JFK NTO's third issuance. AG's financial strength allows it to participate and add value in precisely these kinds of transactions.' 'This is the third time that AG has insured a transaction for JFK NTO, and we are very pleased that each of our transactions with the issuer has been highly successful,' said Sam Nakhleh, Managing Director, Infrastructure Finance, Americas. AG has insured bonds due in 2038, 2043, 2045, and 2060, and has insured part of each of the term bonds due in 2050, 2055, and 2059. BofA Securities and Loop Capital Markets served as co-bookrunners and Barclays as co-senior manager. Hogan Lovells acted as legal advisor to AG. IMPORTANT NOTICE All of the securities having been sold, this announcement is for information purposes only. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (Securities Act), or with any securities regulatory authority of any state or jurisdiction of the United States, and may not be offered, sold or transferred, directly or indirectly, in the United States absent registration under the Securities Act or an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the securities laws of any state or other jurisdiction of the United States. *AG is a subsidiary of Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty). Through its subsidiaries, Assured Guaranty provides credit enhancement products to the U.S. and non-U.S. public finance, infrastructure and structured finance markets. Assured Guaranty also participates in the asset management business through its ownership interest in Sound Point Capital Management, LP and certain of its investment management affiliates. AGL is a publicly traded (NYSE: AGO) Bermuda-based holding company. More information on AGL and its subsidiaries can be found at Cautionary Statement Regarding Forward-Looking Statements: Any forward-looking statements made in this press release reflect Assured Guaranty's current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These risks and uncertainties include, but are not limited to, difficulties executing Assured Guaranty's business strategy; the demand for Assured Guaranty's financial guaranties; actions that the rating agencies may take with respect to Assured Guaranty's financial strength ratings; adverse developments in Assured Guaranty's guaranteed portfolio; other risks and uncertainties that have not been identified at this time; management's response to these factors; and other risk factors identified in Assured Guaranty's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of July 23, 2025. Assured Guaranty undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Sky News AU
08-07-2025
- Business
- Sky News AU
Thousands already in energy debt face further hardship as electricity bills surge across Australia
Australians are attempting to adapt to a fresh financial blow following electricity price hikes which officially kicked in on July 1, affecting millions of households nationwide. The increases announced by the country's largest electricity providers - AGL, Origin, and EnergyAustralia - are already being felt across New South Wales, Queensland, South Australia, Victoria, and the ACT, with average bills rising between $110 and $300 per year depending on the provider and state. According to the Australian Energy Regulator (AER), the cost increases follow updated default market offers and reflect higher wholesale energy prices, increased network charges, and customer service costs. With these rising prices, the AER's latest quarterly data revealed that more than 215,000 Australians are currently in energy debt - a number that rose by 7 per cent from the previous quarter, while Canstar Blue data insights director Sally Tindall said more than four million households will see their electricity prices rise. The average household energy debt now sits at $1,415, up $309 year-on-year. Shadow energy and emissions reduction minister Dan Tehan slammed the Albanese government for breaking its promise regarding rising energy bills, with the Liberal MP demanding an apology to the Australian people. 'Labor's promise that electricity prices would be $275 cheaper this year was a lie and Climate Change and Energy Minister Chris Bowen should apologise,' Mr Tehan told 'Instead, since Labor was elected, electricity prices across the National Energy Market increased by up to $1,058 in New South Wales, $684 in Queensland and $747 in South Australia. Prices are up to $1,300 more than what Labor promised they would be." Mr Tehan criticised the Energy Minister Mr Bowen stating that his only approach was disrupting the energy system and leading to higher electricity prices for Australian families. 'There is no transparency about the true costs to consumers of Labor's renewables only approach and underwriting renewable energy projects using taxpayer money,' he said. Alongside this financial increases, Anglicare Australia's 2025 Cost of Living Index paints another bleak picture for low-income earners, stating that a full-time worker on the minimum wage has just $33 left each week after rent, food, and transport. For a single parent, that number drops to just $1, even with government support. 'After paying the basics, minimum wage, workers are left with almost nothing. In many cases, there's no money left for energy bills at all,' Anglicare executive director Kasy Chambers said. 'We're seeing more people trapped in energy debt. They are skipping meals, going without heating, and falling behind on bills they'll never be able to repay.' Chambers also revealed that more than 330,000 customers collectively owe $300 million to energy retailers, with debts over $3,000 rising sharply. To address rising hardship, new regulations by the Australian Energy Market Commission will limit retailers to one price increase per year, ban most late-payment penalties, and compel companies to move vulnerable customers to their best available plans. Speaking to ABC News Radio on June 26, Australian Melissa Fisher revealed the tough choices she already has to make everyday due to the mounting pressure of her energy bill. 'If an emergency happens and I miss one payment, they can now cut me off, so that has to come before anything else. I've had to sell some stuff and not eat properly. The first thing we had to cut back on was groceries and medication,' she said. AGL customers in New South Wales are facing the steepest increases, with prices up by 13.5 per cent, adding around $267 annually for average usage. For high-use customers, the figure could climb to $300. In South Australia, bills are rising by 7.8 per cent, or $200 annually, while Queensland households will see a 7.5 per cent increase, amounting to an additional $155 per year. 'AGL is committed to supporting customers experiencing cost-of-living pressures with $85m of the $90m FY24 and FY25 Customer Support Package delivered to date, and we will continue to deliver programs to support our customers over the next 12 months,' the company said in a statement last June. Origin Energy, the country's largest retailer, is increasing market plan prices by 9.1 per cent in NSW ($216 more annually), 5.5 per cent in South Australia ($122), and 3.1 per cent in southeast Queensland ($72). Victorians will see the same increase from August 1, while gas prices in the state are already set to rise by $85 per year. EnergyAustralia customers are also facing steep rises. NSW households will be hit with an 8.7 per cent increase ($215), ACT customers face a 11.6 per cent hike ($231), Victorians will see 2.3 per cent ($47), and Queensland and South Australia will follow with increases of $53 and $73, respectively, from September 1. The average household on a default plan in NSW, southeast Queensland, and South Australia will pay up to $228 more per year as a result of the AER's revised default market offer. While the federal government has extended its $75-a-quarter energy bill relief until the end of the year, many argue that the assistance won't be enough to cushion the full impact of these hikes.
West Australian
08-07-2025
- Business
- West Australian
Beetaloo hits major milestone with NT well gas stimulation
The stimulation campaign included pump rates exceeding 100 barrels per minute, fluid intensities of 52 barrels per foot and proppant intensities averaging 2295 pounds per foot. It also marked the company's first 24-hour continuous stimulation operation, which notably hit more than five stages per day on multiple occasions. With stimulation completed, Beetaloo Energy will now clean out the well bore using coiled tubing, initiate flowback operations and then shut in the well for a soak period ahead of production testing. A 30-day flow test - known as IP30 - is expected to begin mid-August, with results to be released by the end of September. The company holds a 100 per cent interest in its EP187 permit and remains the largest net acreage holder in the basin, with more than 28.9 million acres under licence. Today's development builds upon a flurry of milestones delivered over the past quarter, including a $28 million equity raise completed in May that provided full funding for the Carpentaria-5H stimulation and flow test program. The raise comprised a $27.75 million placement at 16 cents per share and a subsequent share purchase plan targeting a further $3 million. Directors also chipped in a further $250,000, signalling confidence in the company's forward program. Beetaloo Energy also recently secured formal consent from traditional owners to sell gas under the NT's Beneficial Use of Test Gas provisions, clearing a key regulatory hurdle on its path to commercialisation. The Carpentaria gas plant is now fully funded and ready for installation when remaining government approvals are finalised. The facility, which was acquired from AGL, has a nameplate capacity of 42 terajoules (TJ) per day - or 42 trillion joules - and is expected to process gas from Carpentaria-2H, 3H and 5H wells in the pilot phase. The company has already inserted a 'T-piece' connection into the McArthur River gas pipeline, enabling immediate access to infrastructure. A binding 10-year gas sales agreement is in place with the NT Government for up to 25TJ per day, with an option to increase to 35TJ depending on production outcomes. Importantly, the company is also laying the groundwork for future east coast gas supply and has engineering and design work underway with APA Group to evaluate a potential pipeline from the Beetaloo Basin to Queensland. Beetaloo's progress could not come at a more critical time. According to the Australian Energy Market Operator's latest gas statement of opportunities, supply gaps in the east coast market are expected to emerge from 2029 and worsen through the 2030s. The Beetaloo Basin is widely regarded as one of the country's most promising gas plays, with Beetaloo Energy - formerly Empire Energy - having independently certified 1.6 trillion cubic feet of contingent resources and a further 47 trillion cubic feet of prospective gas in place across its acreage. It is also sitting on high calorific gas with an ultra-low carbon dioxide content of less than 1 per cent, making it ideally suited to blending with existing LNG streams to help meet tightening Japanese and Korean import standards. With flow testing of Carpentaria-5H imminent, regulatory approvals in hand, a gas plant ready to install and pipeline partnerships in development, Beetaloo Energy appears closer than ever to unlocking one of Australia's most consequential energy resources. Is your ASX-listed company doing something interesting? Contact:
Yahoo
07-07-2025
- Business
- Yahoo
Bernstein Keeps a Buy on Agilon Health (AGL) With a Price Target of $7.50
Agilon Health, Inc. (NYSE:AGL) is one of the 13 Stocks Under $5 With High Upside Potential. In a report released on June 17, Lance Wilkes from Bernstein maintained a Buy rating on Agilon Health, Inc. (NYSE:AGL) with a price target of $7.50. A doctor in scrubs interacting with a Medicare Advantage member in her home. The company reported $1.53 billion in total revenues in fiscal Q1 2025, with Medicare Advantage membership of 491,000, and 605,000 total members on the Agilon platform. Management expressed optimism about the company's strategic long-term growth priorities, supported by investments in clinical programs and technology to drive increased shareholder value. Agilon Health, Inc. (NYSE:AGL) provides healthcare services and also engages in the provision of technology, capital, people, process, and access to a peer network of primary care physicians. While we acknowledge the potential of AGL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None.
