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AGL Energy Limited (ASX:AGL) Company Status Operating Website www.agl.com.au Primary Industry Multi-Utilities Number of Employees 3,732 Year Founded 1837 Primary Office Location 200 George Street Level 24 Sydney, New South Wales 2000 Australia Main Phone: 61 2 9921 2999 Main Fax: 61 2 9921 2552 Business Description / Color Notes AGL Energy Limited supplies energy and other services to residential, small and large businesses, and wholesale customers in Australia. It operates through three segments: Customer Markets, Integrated Energy, and Investments. The company engages in generating electricity through coal and gas-fired generation, thermal, hydro, wind, batteries, and solar power plants; gas storage activities; and the retail sale of electricity, gas, broadband/mobile/voice, solar, and energy efficiency products and services. It operates electricity generation portfolio of 10,330 megawatts; the Newcastle gas storage facility in New South Wales; the Silver Springs underground gas storage facility in Queensland; natural gas production assets at Camden in New South Wales; and the North Queensland gas assets. The company serves 4.2 million customer accounts. AGL Energy Limited was founded in 1837 and is based in Sydney, Australia. Investment Arms AGL Energy Limited, Investment Arm Professionals: 0 Current Subsidiaries / Acquisitions: 4 Prior Subsidiaries / Acquisitions: 0 AGL Energy Limited, Investment Arm is a principal investment firm specializing in investments in renewable energy. The firm seeks to invest in Australia. AGL Energy Limited, Investment Arm is based in North Sydney, Australia. Investments as an LP Company Name Company Type Headquarters - Region Headquarters - Country AGL Energy Limited, Investment Arm Corporate Investment Arm North Sydney Australia Website: - Description: AGL Energy Limited, Investment Arm is a principal investment firm specializing in investments in renewable energy. The firm seeks to invest in Australia. AGL Energy Limited, Investment Arm is based in North Sydney, Australia. Funds Invested: Powering Australian Renewables Fund QIC Limited Private Investment Firm Brisbane Australia Website: www.qic.com.au Description: QIC Limited is a government owned investment manager. The firm provides its services to superannuation funds, government and statutory authorities, insurance organizations, charitable bodies, Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 1 of 18
AGL Energy Limited (ASX:AGL) financial services companies, and educational institutions. It manages separate client focused equity, fixed income, and multi-asset portfolios. The firm also launches and manages equity and fixed income funds for its clients. It invests in the public equity and fixed income markets across the globe. The firm also engages in investment and development of real estate. It invests in alternative markets including infrastructure and private equity. The firm is specializing in seed or start-up; early, mid, and late ventures; and emerging growth investments. The firm seeks to invest in the biotechnology companies based in Australia. It prefers to invest between $375,000 and $5 million in companies with enterprise value between $750,000 and $15 million. The firm employs a combination of in-house and external research to make its investments. It was founded on 1 July 1991 and is based in Brisbane, Australia with additional offices in Sydney, Australia; Melbourne, Australia; London, United Kingdom; New York City; San Francisco, California; and El Segundo, California. Funds Invested: Power Australian Renewables Fund Key Financials In Millions of the trading currency, except per share items. For the Fiscal Period Ending 12 months Jun-30- 2021 12 months Jun-30- 2022 12 months Dec-31- 2022 12 months Jun-30- 2023 12 months Jun-30- 2024 12 months Jun-30- 2025 Currency AUD AUD AUD AUD AUD AUD Total Revenue 10,942.0 13,221.0 15,316.0 13,392.79 13,303.98 13,441.36 Growth Over Prior Year (10.0%) 20.8% 36.3% 1.30% (0.66%) 1.03% Gross Profit 3,161.0 2,745.0 2,547.0 Margin % 28.9% 20.8% 16.6% 9.80% 13.70% EBITDA (577.0) 2,136.0 1,606.0 1,315.09 1,750.81 1,919.14 Margin % (5.3%) 16.2% 10.5% 9.82% 13.16% 14.28% EBIT (1,092.0) 1,621.0 1,166.0 587.07 1,055.78 1,234.28 Margin % (10.0%) 12.3% 7.6% 4.38% 7.94% 9.18% Earnings from Cont. Ops. (2,059.0) 853.0 (775.0) Margin % (18.8%) 6.5% (5.1%) Net Income (2,058.0) 860.0 (770.0) 250.26 577.77 705.27 Margin % (18.8%) 6.5% (5.0%) 1.87% 4.34% 5.25% Diluted EPS Excl. Extra Items³ (3.30) 1.31 (1.15) 0.38 0.86 1.04 Growth Over Prior Year NM NM NM 9.56% 127.81% 21.36% Current Capitalization Currency AUD Share Price $ 8.79 Shares Out. 672.7 Market Capitalization 5,913.4 - Cash & Short Term Investments 334.0 + Total Debt 3,267.0 + Pref. Equity + Total Minority Interest 2.0 - Long Term Marketable Securities = Total Enterprise Value (TEV) __________ 8,848.4 Book Value of Common Equity 5,396.0 + Pref. Equity + Total Minority Interest 2.0 + Total Debt 3,267.0 = Total Capital __________ 8,665.0 *Includes number of shares outstanding + shares held by non-controlling interest holders without accounting for dilutive securities Valuation Multiples based on Current Capitalization For the Fiscal Period Ending 12 months Jun-30- 2022 12 months Dec-31- 2022 12 months Jun-30- 2023 12 months Jun-30- 2024 12 months Jun-30- 2025 TEV/Total Revenue 0.7x 0.6x 0.66x 0.67x 0.66x TEV/EBITDA 4.0x 5.3x 6.75x 5.07x 4.63x TEV/EBIT 5.2x 7.4x 15.13x 8.41x 7.20x P/Diluted EPS Before Extra 6.7x NM 23.45x 10.30x 8.48x P/BV 0.9x 1.1x 1.05x 1.00x 0.94x Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 2 of 18
AGL Energy Limited (ASX:AGL) Price/Tang BV 1.8x 2.7x Public Ownership Summary Type Common Stock Equivalent Held % of Total Shares Outstanding Market Value (AUD in mm) Institutions 216,558,985 32.19 1,914.4 Corporations (Private) 79,685,096 11.84 704.4 Individuals/Insiders 1,699,250 0.25 15.0 Public and Other 374,803,902 55.71 3,313.3 Total 672,747,233 100.00 5,947.1 Top 25 Holders Holder Common Stock Equivalent Held % of CSO Market Value (AUD in mm) Galipea Partnership 75,883,390 11.280 676.9 State Street Global Advisors, Inc. 51,171,766 7.606 456.5 BlackRock, Inc. (NYSE:BLK) 33,706,461 5.010 300.7 The Vanguard Group, Inc. 32,563,473 4.840 290.5 JPMorgan Chase & Co, Brokerage and Securities Investments 23,327,271 3.467 208.1 Macquarie Capital Investment Management LLC 13,774,799 2.048 122.9 Franklin Resources, Inc. (NYSE:BEN) 10,691,589 1.589 95.4 J.P. Morgan Asset Management, Inc. 7,395,384 1.099 66.0 Macquarie Group, Ltd., Banking & Securities Investments 6,330,446 0.941 56.5 Van Eck Associates Corporation 3,863,512 0.574 34.5 Jupiter Fund Management Plc (LSE:JUP) 3,329,000 0.495 29.7 Charles Schwab Investment Management, Inc. 2,919,679 0.434 26.0 Pacific Investment Management Company LLC 2,551,642 0.379 22.8 Milton Corporation Limited 2,276,941 0.338 20.3 Macquarie Investment Management Limited 2,192,745 0.326 19.6 Netwealth Investments Ltd. 2,147,947 0.319 19.2 State Street Global Advisors Limited 2,046,025 0.304 18.3 Dimensional Fund Advisors LP 1,968,480 0.293 17.6 BetaShares Capital Limited 1,813,022 0.270 16.2 Colonial First State Investments Limited 1,796,798 0.267 16.0 Carlton Investments Limited (ASX:CIN) 1,627,757 0.242 14.5 Carlton Hotel Ltd. 1,378,556 0.205 12.3 Geode Capital Management, LLC 1,356,963 0.202 12.1 Xu, Bo 1,300,000 0.193 11.6 BNY Mellon Asset Management 1,279,651 0.190 11.4 All Others 9,250,034 1.375 82.5 Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 3 of 18
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AGL Energy Limited (ASX:AGL) Total 297,943,331 44.288 2,657.7 Top 25 Holders (Institutions) Holder Common Stock Equivalent Held % of CSO Market Value (AUD in mm) State Street Global Advisors, Inc. 51,171,766 7.606 456.5 BlackRock, Inc. (NYSE:BLK) 33,706,461 5.010 300.7 The Vanguard Group, Inc. 32,563,473 4.840 290.5 JPMorgan Chase & Co, Brokerage and Securities Investments 23,327,271 3.467 208.1 Macquarie Capital Investment Management LLC 13,774,799 2.048 122.9 Franklin Resources, Inc. (NYSE:BEN) 10,691,589 1.589 95.4 J.P. Morgan Asset Management, Inc. 7,395,384 1.099 66.0 Macquarie Group, Ltd., Banking & Securities Investments 6,330,446 0.941 56.5 Van Eck Associates Corporation 3,863,512 0.574 34.5 Jupiter Fund Management Plc (LSE:JUP) 3,329,000 0.495 29.7 Charles Schwab Investment Management, Inc. 2,919,679 0.434 26.0 Pacific Investment Management Company LLC 2,551,642 0.379 22.8 Milton Corporation Limited 2,276,941 0.338 20.3 Macquarie Investment Management Limited 2,192,745 0.326 19.6 Netwealth Investments Ltd. 2,147,947 0.319 19.2 State Street Global Advisors Limited 2,046,025 0.304 18.3 Dimensional Fund Advisors LP 1,968,480 0.293 17.6 BetaShares Capital Limited 1,813,022 0.270 16.2 Colonial First State Investments Limited 1,796,798 0.267 16.0 Carlton Investments Limited (ASX:CIN) 1,627,757 0.242 14.5 Geode Capital Management, LLC 1,356,963 0.202 12.1 BNY Mellon Asset Management 1,279,651 0.190 11.4 Teachers Insurance and Annuity Association-College Retirement Equities Fund 643,247 0.096 5.7 IG Investment Management, Ltd. 600,262 0.089 5.4 abrdn plc (LSE:ABDN) 405,200 0.060 3.6 All Others 4,778,925 0.710 42.6 Total 216,558,985 32.190 1,931.7 Top 25 Holders (Corporations) Holder Common Stock Equivalent Held % of CSO Market Value (AUD in mm) Galipea Partnership 75,883,390 11.280 676.9 Carlton Hotel Ltd. 1,378,556 0.205 12.3 Broadgate Investments Pty Ltd 1,263,150 0.188 11.3 Ace Property Holdings Proprietary Limited 1,160,000 0.172 10.3 Total 79,685,096 11.845 710.8 Top 25 Holders (Individuals/Insiders) Holder Position Common Stock Equivale nt Held % of CSO Market Value (AUD in mm) Xu, Bo - 1,300,000 0.193 11.6 Nicks, Damien MD & CEO 109,173 0.016 1.0 George B.E., M.B.A., Miles John Independent Non-Executive Director 40,000 0.006 0.4 Cockroft, Graham John Independent Non-Executive Director 35,000 0.005 0.3 Hunt BMET, FAusIMM, MBA, Graeme Peter Former MD, CEO & Director 30,475 0.005 0.3 McKenzie FAICD, L.L.B., LLB, MAICD, Patricia M. Independent Non-Executive Chairman 29,965 0.004 0.3 Holman GAICD, M.B.A., MBA, PGDipBA, Christine Francis Director 28,000 0.004 0.2 Schott A.O., AO, BA (Hons), DPhil, MA, Kerry Director 26,500 0.004 0.2 Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 4 of 18
AGL Energy Limited (ASX:AGL) E. Bloom B.Com., C.A., Mark A. Independent Non-Executive Director 22,000 0.003 0.2 Sullivan BEc(Hons), Vanessa Independent Non-Executive Director 20,221 0.003 0.2 Pollaers B.C.S., B.Eng., B.Sc., M.B.A., MBA, John C. Director 17,250 0.003 0.2 Twidell, Mark Director 15,212 0.002 0.1 Botten AC, B.Sc., B.Sc. ARSM, BCE, CBE, Peter Robert Former Non-Executive Independent Chairman 11,390 0.002 0.1 Smith-Gander A.O., BEc, FAICD, FAIM, FGIA, GAICD, Hon. DEc, Hon, Diane L. Former Independent Non-Executive Director 10,962 0.002 0.1 Brokhof, Markus Chief Operating Officer 2,508 0.000 0.0 Egan, Jo Chief Customer Officer 594 0.000 0.0 Total 1,699,250 0.253 15.2 Top 25 Holders (By Funds) Holder Common Stock Equivalent Held % of CSO Market Value (AUD in mm) Legg Mason LM Australian High Dividend Stock Mother Fund 9,149,268 1.360 81.6 Vanguard Australian Shares Index ETF (ASX:VAS) 8,050,161 1.197 71.8 Vanguard STAR Funds - Vanguard Total International Stock ETF (NasdaqGM:VXUS) 8,039,589 1.195 71.7 Vanguard Tax-Managed Funds - Vanguard FTSE Developed Markets ETF (ARCA:VEA) 4,594,460 0.683 41.0 Vanguard Fiduciary Trust Company Institutional Total International Stock Market Index Trust II 3,592,989 0.534 32.0 iShares Trust - iShares Core MSCI EAFE ETF (BATS:IEFA) 3,548,735 0.528 31.7 JPMorgan Investment Funds - Global Income Fund 3,213,935 0.478 28.7 iShares Trust - iShares MSCI EAFE Small-Cap ETF (NasdaqGM:SCZ) 3,003,410 0.446 26.8 Vanguard Australian Shares High Yield ETF (ASX:VHY) 2,631,627 0.391 23.5 VanEck Australian Equal Weight ETF (ASX:MVW) 2,600,492 0.387 23.2 Jupiter Asset Management Series plc - Jupiter Merian Global Equity Absolute Return Fund 2,384,971 0.355 21.3 Schwab Strategic Trust - Schwab Fundamental International Large Company Index ETF (ARCA:FNDF) 1,578,037 0.235 14.1 PIMCO Equity Series - PIMCO RAE International Fund (MutualFund:PPYA.X) 1,490,304 0.222 13.3 JPMorgan Trust I - JPMorgan Income Builder Fund (MutualFund:JNBZ.X) 1,463,533 0.218 13.1 SPDR S&P/ASX 200 Fund (ASX:STW) 1,455,665 0.216 13.0 Legg Mason LM Australia Income Asset Mother Fund 1,327,500 0.197 11.8 Vanguard MSCI Australian Small Companies Index ETF (ASX:VSO) 1,312,076 0.195 11.7 Vanguard International Equity Index Funds - Vanguard FTSE All-World ex-US ETF (ARCA:VEU) 1,212,652 0.180 10.8 iShares Core S&P/ASX 200 ETF (ASX:IOZ) 1,113,481 0.166 9.9 SunAmerica Series Trust - SA PIMCO RAE International Value Portfolio 1,037,579 0.154 9.3 DFA Investment Dimensions Group Inc. - International Core Equity Portfolio (MutualFund:DFIE.X) 1,033,945 0.154 9.2 Schwab Strategic Trust - Schwab International Equity ETF (ARCA:SCHF) 1,012,431 0.150 9.0 JPMorgan Funds - JPMorgan Multi Income Fund 972,529 0.145 8.7 Fidelity Salem Street Trust - Fidelity SAI International Value Index Fund (MutualFund:FIWC.X) 866,143 0.129 7.7 VanEck ETF Trust - VanEck Morningstar International Moat ETF (BATS:MOTI) 854,749 0.127 7.6 All Others 22,587,664 3.358 201.5 Total 90,127,925 13.397 803.9 Top Buyers Buyer Common Stock Change Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 5 of 18
AGL Energy Limited (ASX:AGL) Equivalent Held Van Eck Associates Corporation 3,863,512 673,260 Mercer Investments LLC 223,606 223,606 Dimensional Fund Advisors LP 1,968,480 145,936 Connor, Clark & Lunn Investment Management Ltd. 137,453 104,093 Nicks, Damien 109,173 95,633 Top Sellers Seller Common Stock Equivalent Held Change The Vanguard Group, Inc. 32,563,473 (1,076,148) BNY Mellon Asset Management 1,279,651 (705,371) Altshuler Shaham Ltd. 0 (207,813) Invesco Capital Management LLC 106,156 (187,324) UBS Asset Management AG 279,682 (123,451) Insider Trading Activity Summary Last 3 Months Transactions Shares # of Purchases 11 # of Shares Purchased 3,080,381 # of Sales 1 # of Shares Sold 4,046,379 Net Transactions 10 Net Sales (965,998) Last 6 Months Transactions Shares # of Purchases 17 # of Shares Purchased 9,057,356 # of Sales 3 # of Shares Sold 10,019,409 Net Transactions 14 Net Sales (962,053) Recent Insider Purchases (Last 6 Months) Holder Name Position Trade Date Range Transact ed Shares Transacti on Value (AUD in Price Range mm) Twidell, Mark Director May-05- 2023 7,500 66,330 8.84 Schott A.O., AO, BA (Hons), DPhil, MA, Kerry E. Director Mar-17- 2023 14,500 99,246 6.84 Pollaers B.C.S., B.Eng., B.Sc., M.B.A., MBA, John C. Director Feb-22- 2023 10,000 69,882 6.99 Bloom B.Com., C.A., Mark A. Independent Non- Executive Director Feb-15- 2023 7,000 49,965 7.14 Pollaers B.C.S., B.Eng., B.Sc., M.B.A., MBA, John C. Director Feb-13- 2023 7,250 51,332 7.08 George B.E., M.B.A., Miles John Independent Non- Executive Director Feb-13- 2023 9,900 71,533 7.23 McKenzie FAICD, L.L.B., LLB, MAICD, Patricia M. Independent Non- Executive Chairman Feb-13- 2023 7,000 50,528 7.22 Holman GAICD, M.B.A., MBA, PGDipBA, Christine Francis Director Feb-13- 2023 15,000 108,274 7.22 Sullivan BEc(Hons), Vanessa Independent Non- Executive Director Feb-13- 2023 5,000 36,091 7.22 Nicks, Damien MD & CEO Feb-13- 2023 27,000 194,894 7.22 Twidell, Mark Director Dec-21- 2022 3,700 29,493 7.97 Twidell, Mark Director Dec-20- 2022 3,800 29,776 7.84 Schott A.O., AO, BA (Hons), DPhil, MA, Kerry E. Director Dec-09- 2022 12,000 98,705 8.23 Holman GAICD, M.B.A., MBA, PGDipBA, Christine Francis Director Dec-09- 2022 13,000 106,014 8.15 BlackRock, Inc. - Aug-10- 2022 - Dec- 12-2022 312,381 0 - BlackRock, Inc. - Aug-08- 2022 - Dec- 12-2022 5,632,094 0 6.38 - 8.56 The Vanguard Group, Inc. - Jun-23- 2022 - Mar- 2,970,231 25,475,437 6.30 - 8.58 Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 6 of 18
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AGL Energy Limited (ASX:AGL) 17-2023 Recent Insider Sales (Last 6 Months) Holder Name Position Trade Date Range Transact ed Shares Transacti on Value (AUD in mm) Price Range BlackRock, Inc. - Aug-10- 2022 - Dec- 12-2022 (890,920) 0 - BlackRock, Inc. - Aug-08- 2022 - Dec- 12-2022 (5,082,110) (1,492,907) 6.38 - 8.56 The Vanguard Group, Inc. - Jun-29- 2022 - Mar- 17-2023 (4,046,379) (34,084,47 7) 6.57 - 8.49 Private Ownership Investor Relations hip Type Transacti on Date(s) Company Type Investme nt Coverage Most Recent Transacti on Size (AUD in mm) Most Recent Amount Invested (AUD in mm) WestNet Infrastructure Group Pty Ltd Prior Nov-30- 2005 Private Company - 7,274.20 - Wilson Asset Management (International) Pty Limited Current - Private Investment Firm - - - The Australasian Centre for Corporate Responsibility Current - Foundation/ Charitable Institution - - - Snowcap Current - Private Investment Firm - - - Key Executives Name Title Benda, Kellie Jane General Manager of Sales Brokhof, Markus Chief Operating Officer Brown, Gary Chief Financial Officer Buchanan, Melinda General Manager of Gas & Renewables Operations Chambers, John Executive General Manager of Future Business & Technology Cox, Brett Head of Media Relations Deckart, Phaedra General Manager of Energy Supply & Origination Egan, Jo Chief Customer Officer Hall, James General Manager of Corporate Finance Hunter, Melinda Jane Company Secretary & General Counsel Lee, Amanda Chief People Officer Li, Sophia Treasurer Madden, Evie Senior Manager of Media Relations Molyneux, Elizabeth General Manager of Energy Markets Regulation Moretto, David Interim General Manager of Portfolio Growth Nicks, Damien MD & CEO Sarafian, Simon General Manager of Trading Segorbe, Joao Executive General Strategy & Corporate Development Thompson, James Head of Investor Relations Board Members Name Title Bloom, Mark A. (Board) Independent Non-Executive Director Cockroft, Graham John (Board) Independent Non-Executive Director George, Miles John (Board) Independent Non-Executive Director Holman, Christine Francis (Board) Director McKenzie, Patricia M. (Board) Independent Non-Executive Chairman Pollaers, John C. (Board) Director Schott, Kerry E. (Board) Director Sullivan, Vanessa (Board) Independent Non-Executive Director Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 7 of 18
AGL Energy Limited (ASX:AGL) Twidell, Mark (Board) Director Summary M&A Announced Date Apr-05-2023 Target Moranbah Project Status Announced Size (AUD mm) 5.00 Participants: AGL Energy Limited (ASX:AGL) (Seller / Distributing Company) ; Arrow Energy Pty Ltd (Seller / Distributing Company); QPM Energy (MGP Upstream) Pty Ltd (Investor / Buyer); QPM Energy (Midstream) Pty Ltd (Investor / Buyer); QPM Energy Markets Pty Ltd (Investor / Buyer) Synopsis: QPM Energy (MGP Upstream) Pty Ltd, QPM Energy (Midstream) Pty Ltd and QPM Energy Markets Pty Ltd have entered into a binding Asset Sale Agreement to acquire the Moranbah Project from AGL Energy Limited (ASX:AGL) and Arrow Energy Pty Ltd for AUD 5 million on April 5, 2023. Completion of the agreement is subject to a number of customary conditions for a transaction of this nature, including obtaining indicative approval from the Minister to the transfer of Petroleum Titles, the replacement of rehabilitation security for the Environmental Authorities and securing the approval of the counterparties to the novation or assignment of certain material contracts. Transaction is expected to complete on June/July 2023. Pre-Deal Situation: - Deal Resolution: - Announced Date Apr-28-2022 Target Energy 360 Pty Ltd Status Closed Size (AUD mm) - Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 8 of 18
AGL Energy Limited (ASX:AGL) Participants: AGL Energy Limited (ASX:AGL) (Investor / Buyer) Synopsis: AGL Energy Limited (ASX : AGL) entered into an agreement to acquire Energy360 Pty Ltd on April 28, 2022. Energy360 will form part of AGL Australia following AGL Energy’s proposed demerger this year. Pre-Deal Situation: - Deal Resolution: AGL Energy Limited (ASX : AGL) completed the acquisition of Energy360 Pty Ltd on April 29, 2022. Announced Date Dec-20-2021 Target Macarthur Wind Farm Pty Ltd Status Announced Size (AUD mm) - Investor/Buyer Advisors: Clayton Utz (Legal Advisor); Clayton Utz (Legal Advisor); Macquarie Securities (Australia) Ltd. (Financial Advisor); Macquarie Securities (Australia) Ltd. (Financial Advisor); White & Case LLP (Legal Advisor); White & Case LLP (Legal Advisor) Participants: AGL Energy Limited (ASX:AGL) (Seller / Distributing Company) ; Atmos Renewables Pty Ltd (Investor / Buyer); Palisade Investment Partners Limited (Investor / Buyer); Palisade Renewable Energy Fund (Investor / Buyer) Synopsis: Palisade Renewable Energy Fund, a fund managed by Palisade Investment Partners Limited and Atmos Renewables agreed to acquire 50% stake in Macarthur Wind Farm Pty Ltd from AGL Energy Limited (ASX:AGL) on December 20, 2021. Senior debt financing was provided by a bank consortium comprising MUFG Bank Ltd as Mandated Lead Arranger, Underwriter and Bookrunner and Mizuho Bank Ltd, Industrial and Commercial Bank of China and DBS Bank Ltd appointed as Mandated Lead Arranger. Transaction completion is expected to occur by February 2022. Macquarie Capital acted as financial adviser, White and Case as legal advisor and Clayton Utz as tax advisor to Palisade and First Sentier in relation to the transaction. Pre-Deal Situation: - Deal Resolution: - Key Developments Key Developments QPM Energy (MGP Upstream) Pty Ltd, QPM Energy (Midstream) Pty Ltd and QPM Energy Markets Pty Ltd have entered into a binding Asset Sale Agreement to acquire the Moranbah Project from AGL Energy Limited (ASX:AGL) and Arrow Energy Pty Ltd for AUD 5 million. AGL Energy Limited (ASX:AGL) Apr-04-2023 08:00 PM M&A Transaction Announcement Situation: QPM Energy (MGP Upstream) Pty Ltd, QPM Energy (Midstream) Pty Ltd and QPM Energy Markets Pty Ltd have entered into a binding Asset Sale Agreement to acquire the Moranbah Project from AGL Energy Limited (ASX:AGL) and Arrow Energy Pty Ltd for AUD 5 million on April 5, 2023. Completion of the agreement is subject to a number of customary conditions for a transaction of this nature, including obtaining indicative approval from the Minister to the transfer of Petroleum Titles, the replacement of rehabilitation security for the Environmental Authorities and securing the approval of the counterparties to the novation or assignment of certain material contracts. Transaction is expected to complete on June/July 2023. Source: Capital IQ Transaction Database AGL Energy Limited, 0.08 (AUD), Cash Dividend, Feb-22-2023 AGL Energy Limited (ASX:AGL) Feb-22-2023 Ex-Div Date (Regular) Situation: AGL Energy Limited, 0.08 (AUD), Cash Dividend, Feb-22-2023 Source: Financial Times AGL Energy Limited, H1 2023 Earnings Call, Feb 09, 2023 AGL Energy Limited (ASX:AGL) Feb-08-2023 06:45 PM Earnings Call Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 9 of 18
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AGL Energy Limited (ASX:AGL) Situation: AGL Energy Limited, H1 2023 Earnings Call, Feb 09, 2023 Source: Australian Stock Exchange AGL Energy Limited Announces Dividend for the Six Months Ended December 31, 2022, Payable on March 24, 2023 AGL Energy Limited (ASX:AGL) Feb-08-2023 04:26 PM Dividend Decrease Situation: AGL Energy Limited announced dividend for the six months ended December 31, 2022 of AUD 0.08000000 per share. Record date is February 23, 2023. Ex-date is February 22, 2023. Payment date is March 24, 2023. Source: Australian Stock Exchange AGL Energy Limited Reports Earnings Results for the Half Year Ended December 31, 2022 AGL Energy Limited (ASX:AGL) Feb-08-2023 04:22 PM Announcement of Earnings Situation: AGL Energy Limited reported earnings results for the half year ended December 31, 2022. For the half year, the company reported sales was AUD 7,808 million compared to AUD 5,713 million a year ago. Net loss was AUD 1,075 million compared to net income of AUD 555 million a year ago. Basic loss per share from continuing operations was AUD 1.598 compared to basic earnings per share from continuing operations of AUD 0.866 a year ago. Diluted loss per share from continuing operations was AUD 1.598 compared to diluted earnings per share from continuing operations of AUD 0.865 a year ago. Source: S&P Capital IQ Financials Database AGL Energy Limited Appoints Gary Brown as CFO AGL Energy Limited (ASX:AGL) Jan-18-2023 05:00 PM Executive Change - CFO Situation: AGL Energy Limited announced that Gary Brown has been appointed Chief Financial Officer on a permanent basis, effective immediately. Mr. Brown joined AGL in January 2022 as CFO-elect for Accel Energy from ENGIE and held ASX-listed CFO positions prior to joining AGL. Mr. Brown led the review of strategic direction process and has acted as interim Chief Financial Officer since 1 October 2022. Source: Australian Stock Exchange AGL Energy Limited Appoints Damien Nicks as Managing Director AGL Energy Limited (ASX:AGL) Jan-18-2023 05:00 PM Executive/Board Change - Other Situation: AGL Energy Limited (AGL) announced that following a comprehensive domestic and global search process, the Board has appointed Damien Nicks as Managing Director & Chief Executive Officer, effective immediately. AGL's Chair, Patricia McKenzie, said the Board had unanimously determined that Damien Nicks is the best person to lead AGL as it undertakes one of the most significant decarbonisation initiatives in Australia. Mr. Nicks joined AGL in March 2013 and was Chief Financial Officer from August 2018, prior to becoming interim Chief Executive Officer on 1 October 2022. He has 27 years' experience with significant energy, customer and multinational experience across a number of sectors including logistics, industrial and professional services. Source: Australian Stock Exchange AGL Energy Limited Appoints Damien Nicks as Chief Executive Officer AGL Energy Limited (ASX:AGL) Jan-18-2023 05:00 PM Executive Change - CEO Situation: AGL Energy Limited (AGL) announced that following a comprehensive domestic and global search process, the Board has appointed Damien Nicks as Managing Director & Chief Executive Officer, effective immediately. AGL's Chair, Patricia McKenzie, said the Board had unanimously determined that Damien Nicks is the best person to lead AGL as it undertakes one of the most significant decarbonisation initiatives in Australia. Mr. Nicks joined AGL in March 2013 and was Chief Financial Officer from August 2018, prior to becoming interim Chief Executive Officer on 1 October 2022. He has 27 years' experience with significant energy, customer and multinational experience across a number of sectors including logistics, industrial and professional services. Source: Australian Stock Exchange AGL Energy Limited Announces Torrens Island `B' Power Station to Close in 2026 AGL Energy Limited (ASX:AGL) Nov-23-2022 05:06 PM Discontinued Operations/Downsizing Situation: AGL Energy Limited announced it will close the Torrens Island `B' Power Station on 30 June 2026, and that it will continue to progress the transformation of its Torrens Island site into a low-carbon industrial Energy Hub. This decision follows careful consideration and extensive consultation with stakeholders, including the South Australian Government. This has been driven in part by the planned completion of the Project Energy Connect interconnector between South Australia and New South Wales in mid-2026, which will further impact gas-fired generation in South Australia and as a result the economic viability of the power station. The Torrens Island `B' Power Station commenced operations in 1976 with a nameplate capacity of 800 MW, providing South Australia with both electricity generation and grid ancillary services. The first of the four generating units ("B1") was mothballed in October 2021; both B1 and the remaining three units will be retired on 30 June 2026. Today's announcement is not expected to have a material impact on underlying profit in FY23 or over the longer term due to the challenged economic viability of the power station. AGL is strongly committed to working with its people, in conjunction with unions and government, to help transition and further develop the skills and capabilities required for new and existing energy industries as Australia's energy system transitions to a low- carbon future. Over the past four years, AGL has invested $475 million in major energy projects on Torrens Island, including the 210 MW Barker Inlet Power Station, which opened in 2019, and the 250 MW Torrens Island battery, which is expected to be operational mid 2023 - providing crucial firming capability and system security to the grid. AGL has also recently announced a feasibility study into the development of a green hydrogen facility at Torrens Island. Torrens Island will continue to play a crucial role in AGL's current energy requirements and future generation plans as the site is transformed into an integrated industrial Energy Hub, with the potential to drive new investment, create new job opportunities as well as the expansion into new markets including hydrogen and green energy. Source: Australian Stock Exchange AGL Energy Limited Announces Election of Directors AGL Energy Limited (ASX:AGL) Nov-14-2022 11:24 PM Executive/Board Change - Other Situation: AGL Energy Limited announced that at the Annual General Meeting held on November 15, 2022, approved the election of Director - Mark William Grimsey Twidell; approved the election of Director - Dr. Kerry Elizabeth Schott AO; approved the election of Director - John Carl Pollaers OAM; approved the election of Director - Christine Francis Holman. Source: Australian Stock Exchange Auditors Period Audited Auditor Opinion Auditor Parent FY 2022 Deloitte Touche Tohmatsu CPA Ltd Unqualified Deloitte Touche Tohmatsu LLC FY 2021 Deloitte Touche Tohmatsu CPA Ltd Unqualified Deloitte Touche Tohmatsu LLC Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 10 of 18
AGL Energy Limited (ASX:AGL) Transaction Advisors Accounting Advisors Advisor No. of Transactions Total Value Disclosed (USD mm) Most Recent Transaction Date Deloitte Touche Tohmatsu Australia 3 769.42 Jun-30-2021 Transaction Dates: Jun-30-2021 (AGL Australia Limited), Feb-28-2012 (AGL Energy Limited), Jun-30-2010 (AGL Upstream Gas (Mos) Pty Limited) Computershare Investor Services Pty Limited 2 139.32 Jun-30-2021 Transaction Dates: Jun-30-2021 (AGL Australia Limited), Dec-24-2008 (AGL (SG) Pty Limited) Pricewaterhousecoo pers Securities Limited 1 - Jun-30-2021 Transaction Dates: Jun-30-2021 (AGL Australia Limited) Deloitte Corporate Finance Limited 1 - Jun-30-2021 Transaction Dates: Jun-30-2021 (AGL Australia Limited) Link Market Services Limited 4 2,825.03 Aug-20-2014 Transaction Dates: Aug-20-2014 (AGL Energy Limited), Jul-15-2013 (Australian Power and Gas Company Limited), May-24-2012 (AGL Energy Limited), Feb-28-2012 (AGL Energy Limited) Financial Advisors Advisor No. of Transactions Total Value Disclosed (USD mm) Most Recent Transaction Date The Goldman Sachs Group, Inc. 1 6,201.90 Feb-19-2022 Transaction Dates: Feb-19-2022 (AGL Energy Limited) Macquarie Group Services Australia Pty Limited 1 6,201.90 Feb-19-2022 Transaction Dates: Feb-19-2022 (AGL Energy Limited) Macquarie Capital 6 21.14 Jun-30-2021 (Australia) Limited Transaction Dates: Jun-30-2021 (AGL Australia Limited), Jun-27-2011 (AGL Energy Limited, Oaklands Hill Wind Farm), Oct-01-2009 (Eii 2 Pty Limited), Jul-02-2002 (AGL Sales Pty Limited), Jul-02-2002 (EdgeCap Pty Ltd), Jul-02-2002 (UtiliMode) Grant Samuel Group Limited 1 - Jun-30-2021 Transaction Dates: Jun-30-2021 (AGL Australia Limited) Ernst & Young Australia 1 - Mar-09-2021 Transaction Dates: Mar-09-2021 (Solgen Energy Pty Ltd) Ironstone Capital Pty Ltd 2 197.36 Aug-08-2019 Transaction Dates: Aug-08-2019 (Perth Energy Pty Ltd), Nov-06-2017 (Active Stream Pty Ltd) Investec Australia Limited 2 58.40 Apr-23-2018 Transaction Dates: Apr-23-2018 (Portfolio of Small Generation and Compressed Natural Gas Refuelling Assets of AGL Energy Limited), Nov-27-2006 (Sun Gas Retail Pty Ltd.) Macquarie Group Limited 1 368.41 Sep-07-2015 Transaction Dates: Sep-07-2015 (50% stake in Macarthur Wind Farm Pty Ltd and 50% stake in MWF Finance Pty Ltd) National Australia Bank Limited 2 1,178.57 Oct-30-2014 Transaction Dates: Oct-30-2014 (AGL Energy Limited), Feb-28-2012 (AGL Energy Limited) ANZ Group Holdings Limited 1 512.08 Oct-30-2014 Transaction Dates: Oct-30-2014 (AGL Energy Limited) Citigroup Global Markets Australia Pty Limited 4 3,772.14 Aug-20-2014 Transaction Dates: Aug-20-2014 (AGL Energy Limited), Feb-12-2014 (AGL Macquarie Pty Limited), May-24- 2012 (AGL Energy Limited), Feb-24-2012 (Great Energy Alliance Corporation Pty Limited) Ord Minnett Limited 3 2,681.55 Aug-20-2014 Transaction Dates: Aug-20-2014 (AGL Energy Limited), May-24-2012 (AGL Energy Limited), Feb-28-2012 (AGL Energy Limited) Deutsche Bank AG, Sydney Branch 3 2,681.55 Aug-20-2014 Transaction Dates: Aug-20-2014 (AGL Energy Limited), May-24-2012 (AGL Energy Limited), Feb-28-2012 (AGL Energy Limited) Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 11 of 18
AGL Energy Limited (ASX:AGL) Morgans Financial Limited 2 2,015.06 Aug-20-2014 Transaction Dates: Aug-20-2014 (AGL Energy Limited), May-24-2012 (AGL Energy Limited) Bell Potter Securities Limited 2 2,015.06 Aug-20-2014 Transaction Dates: Aug-20-2014 (AGL Energy Limited), May-24-2012 (AGL Energy Limited) Merrill Lynch Equities (Australia) Limited 1 1,105.79 Aug-20-2014 Transaction Dates: Aug-20-2014 (AGL Energy Limited) Lazard & Co Pty Ltd. 1 1,277.25 Feb-12-2014 Transaction Dates: Feb-12-2014 (AGL Macquarie Pty Limited) Deutsche Australia Limited 1 1,277.25 Feb-12-2014 Transaction Dates: Feb-12-2014 (AGL Macquarie Pty Limited) Deutsche Bank Aktiengesellschaft 1 143.48 Jul-15-2013 Transaction Dates: Jul-15-2013 (Australian Power and Gas Company Limited) Commonwealth Bank of Australia 1 666.50 Feb-28-2012 Transaction Dates: Feb-28-2012 (AGL Energy Limited) Westpac Institutional Bank 1 666.50 Feb-28-2012 Transaction Dates: Feb-28-2012 (AGL Energy Limited) Morgan Stanley Wealth Management Australia Pty Ltd 1 666.50 Feb-28-2012 Transaction Dates: Feb-28-2012 (AGL Energy Limited) ANZ Securities Limited 1 666.50 Feb-28-2012 Transaction Dates: Feb-28-2012 (AGL Energy Limited) Goldman Sachs Australia Pty Ltd 5 10,211.72 Jun-30-2010 Transaction Dates: Jun-30-2010 (AGL Upstream Gas (Mos) Pty Limited), Feb-18-2007 (AGL Energy Limited), May-01-2006 (WestNet Infrastructure Group Pty Ltd), Apr-26-2006 (Alinta Pty Limited), Apr-26-2006 (Australian Gas Light Co., Transmission and Asset Management Businesses) TC Advisors Australia Advisory 2 397.17 Dec-24-2008 Services Limited Transaction Dates: Dec-24-2008 (AGL (SG) Pty Limited), Dec-17-2008 (PEL 285, Gloucester Basin Gas Project in New South Wales) Macquarie Securities (Australia) Ltd. 1 48.13 Aug-29-2008 Transaction Dates: Aug-29-2008 (AGL Energy Limited, 71 MW Hallett 2 Wind Farm) RBS Group (Australia) Pty Limited 1 195.93 Jun-30-2008 Transaction Dates: Jun-30-2008 (AGL Energy & Arrow Energy, North Queensland Gas Pipeline) RBS Corporate Finance Limited 1 251.03 Nov-07-2007 Transaction Dates: Nov-07-2007 (Queensland Power Trading Corporation, Merchant Gas and Pipeline Businesses) UBS Securities Australia Ltd 2 1,197.85 Feb-19-2007 Transaction Dates: Feb-19-2007 (AGL Sales (Queensland Electricity) Pty Limited), Dec-05-2006 (QGC Pty Limited) UBS Group AG 3 6,440.19 Feb-18-2007 Transaction Dates: Feb-18-2007 (AGL Energy Limited), Apr-26-2006 (Alinta Pty Limited), Apr-26-2006 (Australian Gas Light Co., Transmission and Asset Management Businesses) JPMorgan Chase & Co. 1 692.91 Feb-18-2007 Transaction Dates: Feb-18-2007 (AGL Energy Limited) UBS Investment Bank 4 11,946.80 Nov-27-2006 Transaction Dates: Nov-27-2006 (Sun Gas Retail Pty Ltd.), May-01-2006 (WestNet Infrastructure Group Pty Ltd), Nov-30-2005 (AGL Energy Limited), Oct-11-2004 (NGC Holdings Limited) NatWest Markets N.V. 1 76.11 Jan-03-2000 Transaction Dates: Jan-03-2000 (East Australian Pipeline Limited) Legal Advisors Advisor No. of Transactions Total Value Disclosed (USD mm) Most Recent Transaction Date Herbert Smith Freehills LLP 1 6,201.90 Feb-19-2022 Transaction Dates: Feb-19-2022 (AGL Energy Limited) Herbert Smith Freehills 11 6,166.89 Jun-30-2021 Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 12 of 18
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AGL Energy Limited (ASX:AGL) Transaction Dates: Jun-30-2021 (AGL Australia Limited), Aug-31-2020 (Click Energy Group Holdings Pty Ltd), Oct-16-2019 (Southern Phone Company Limited), Jun-11-2019 (Vocus Group Limited), Apr-23-2018 (Portfolio of Small Generation and Compressed Natural Gas Refuelling Assets of AGL Energy Limited), Aug-25-2017 (50% in Moranbah Gas Project, North Queensland Energy joint venture and ATP1103 exploration licence), Aug-17-2017 (AGL Energy Limited, Coopers Gap Wind Farm), Mar-29-2016 (Diamantina Power Station Pty Ltd), Aug-20-2014 (AGL Energy Limited), Feb-12-2014 (AGL Macquarie Pty Limited), Feb-28-2012 (AGL Energy Limited) King & Wood Mallesons, Australia Branch 2 1,176.62 Aug-08-2019 Transaction Dates: Aug-08-2019 (Perth Energy Pty Ltd), Aug-20-2014 (AGL Energy Limited) Allens 5 1,415.29 Nov-06-2017 Transaction Dates: Nov-06-2017 (Active Stream Pty Ltd), Aug-17-2017 (AGL Energy Limited, Coopers Gap Wind Farm), Sep-07-2015 (50% stake in Macarthur Wind Farm Pty Ltd and 50% stake in MWF Finance Pty Ltd), Jun-30-2010 (AGL Upstream Gas (Mos) Pty Limited), Oct-30-2008 (AGL Energy Limited, Oil and Gas Assets Including a 3.6% Stake in PNG LNG Project) Ashurst LLP 1 36.50 Feb-09-2016 Transaction Dates: Feb-09-2016 (Sunverge Energy Inc.) Ashurst Australia 3 1,900.56 Feb-12-2014 Transaction Dates: Feb-12-2014 (AGL Macquarie Pty Limited), Jul-15-2013 (Australian Power and Gas Company Limited), Feb-24-2012 (Great Energy Alliance Corporation Pty Limited) Australian Executor Trustees Limited 1 666.50 Feb-28-2012 Transaction Dates: Feb-28-2012 (AGL Energy Limited) Gilbert and Tobin 9 14,336.26 Oct-01-2009 Transaction Dates: Oct-01-2009 (Eii 2 Pty Limited), Dec-24-2008 (AGL (SG) Pty Limited), Oct-28-2008 (QGC Pty Limited), Oct-02-2008 (Elgas Limited), Nov-02-2007 (Alinta Pty Limited), May-01-2006 (WestNet Infrastructure Group Pty Ltd), Apr-26-2006 (Alinta Pty Limited), Apr-26-2006 (Australian Gas Light Co., Transmission and Asset Management Businesses), Oct-31-2005 (AGL Southern Hydro Pty Limited) News AGL launches Electrify Now website to help customers decarbonise their home India Energy News Mar-21-2023 02:01 AM AGL has launched an Australian-first for energy retailers with its Electrify Now website. The website provides customers with personalised recommendations to demonstrate the financial and carbon savings of electrifying their homes. Customers can choose which upgrade suits their budget and lifestyle. An all-electric home emits less carbon emissions by installing solar panels and replacing devices like gas hot water heaters and petrol cars.Original Press Release:March 21 --AGL Energy Ltd. issued the following news release:AGL has launched an Australian-first for energy retailers with its Electrify Now website, providing its residential customers with personalised recommendations to demonstrate the financial and carbon savings of electrifying their homes. AGL’s Electrify Now allows customers to understand their personal energy bill and carbon savings if their home switched to solar, battery, heat pump hot water, reverse cycle space heating, induction cooktops or an electric vehicle (EV), with customers able to pick and choose which upgrade suits their budget and lifestyle. An all-electric home emits less carbon emissions by installing solar panels and replacing devices like gas hot water heaters and petrol cars with modern, efficient electric products. To calculate the benefits of upgrading to more efficient energy products, customers enter their details into the Electrify Now platform, which uses their unique energy data and profile to calculate an estimated energy bill and carbon savings specific to that customer and their energy use. Where possible, it also provides the payback period of their investment and connects customers to AGL’s network of third-party trusted installers to help kickstart their electrification journey. AGL Chief Customer Officer Jo Egan said the Electrify Now digital platform’s data-driven personalised recommendations is designed to help customers make an informed decision about investing in an all-electric lifestyle. “AGL understands that upgrading to a more energy efficient home can be confusing and complex for homeowners. We’ve created Electrify Now to simplify this process and assist customers to access the benefits of a more electric home,” Ms Egan said. “By providing personalised recommendations and linking customers to AGL’s trusted network of third-party installers, customers are equipped to make the best decision to suit their home and budget. Some of the recommendations include the benefits of installing solar and batteries, and the replacement of gas appliances, as well as providing the payback period of the investment.”Ms Egan said AGL is supporting customers in finding ways to reduce energy costs and lower emissions, and is a key focus of AGL’s new accelerated decarbonisation strategy. “Electrification is the future and AGL is pleased to see state and federal governments rolling out policies that support energy efficiency and electrification technologies for homes and businesses. “AGL is committed to enabling the electrification of our customers’ homes, while considering issues of affordability. As cost-of-living pressures continue to impact Australians, AGL is here to support customers in making affordable energy choices, while also considering their carbon footprint.” AGL customers can access the Electrify Now website now. Note: At launch the Electrify Now Platform is available to AGL Energy customers and it will take several business days for results to become available. AGL will look to continuously improve this new service with more features and to more Australians.Source: AGL Energy Ltd.[Category: Water Utilities, Electric Vehicles, Renewable Electricity, New Offerings] Private equity's share of terminated M&A deals up YOY in Q3 Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 13 of 18
AGL Energy Limited (ASX:AGL) S&P Global Market Intelligence Oct-24-2022 08:20 AM Even though private equity's share of terminated M&A deals declined on a quarter-over-quarter basis in the third quarter, it remains elevated over the third quarter of 2021, according to S&P Global Market Intelligence data. The average share of terminated M&A deals involving private equity or venture capital stood at 10% in 2021, while for the first three quarters of 2022, the average share of terminated deals stands at 13%, which is larger than the entire previous year. The third quarter saw only five terminated private equity or venture capital M&A deals, down 61.5% quarter over quarter. Large deal terminations KKR & Co. Inc. had agreed to sell AppLovin Corp. to Unity Software Inc. in a $17.55 billion deal. This private equity-backed deal was the largest announced M&A deal in 2022 that was recently terminated. U.K. education publisher Pearson PLC was at the center of the second-largest terminated deal in 2022, which also involved PE firm Apollo Global Management Inc. The proposed cash offer of $8.6 billion was unanimously rejected by Pearson's board. * Download a spreadsheet of data from this story. * Click here to set email alerts for future Data Dispatch articles. Among other terminated M&A deals with private equity or venture capital involvement in 2022, Australian utility AGL Energy Ltd. rejected a $5.64 billion takeover bid from a consortium of Australian venture capital firm Grok Ventures Pty. Ltd. and Canada's Brookfield Asset Management Inc. The board of French information technology company Atos SE rejected a $4.1 billion offer to acquire its subsidiary Evidian SA by an investor group including Intermediate Capital Group PLC, Groupe Onepoint SA and ICG Enterprise Trust PLC. Anglo American, EDF form new JV; Massey Energy ex-CEO's appeal rejected S&P Global Market Intelligence Oct-04-2022 07:54 AM TOP NEWS IN METALS & MINING * Anglo American PLC will form a new joint company with Electricité de France SA subsidiary EDF Renewables Inc., named Envusa Energy, to develop renewable energy in South Africa, Dow Jones Newswires reported. * The U.S. Supreme Court rejected former Massey Energy Co. CEO Donald Blankenship's appeal to overturn his conviction of conspiracy to violate mine safety in relation to the explosion of the Upper Big Branch coal mine in West Virginia that killed 29 coal miners in 2010, Reuters reported. Chile on track for 2022 copper slump but could rebound in 2023 Chile, the world's top copper producer, is on pace for a steep drop in 2022 copper output due to lackluster ore grades, labor woes and water scarcity, among other issues undercutting the country's miners. US Midterms 2022: Republicans unlikely to slow mining ESG trend The U.S. midterm elections could decide the fate of environmental, social and governance disclosure legislation, but international pressure on miners to disclose will likely continue growing. S&P 500 falls another 9% in September as recession fears grow Growing recession fears amid persistent high inflation, along with another aggressive rate hike by the U.S. Federal Reserve, have caused investors to begin pulling away from stocks and turn to safer alternatives. PRECIOUS METALS * Sibanye Stillwater Ltd. increased its ownership in battery-chemical maker Keliber Oy to 84.96%. The move is part of the South African precious metals producer's foray into battery metals. * Evolution Mining Ltd. secured an eight-year power contract with AGL Energy Ltd. for its Cowal gold operation in New South Wales, Australia. BULK COMMODITIES * The Mosaic Co. expects phosphate production in the second half to be down by between 200,000 tonnes and 250,000 tonnes, largely because of the impact of Hurricane Ian. Total shipments in the third quarter are expected between 1.60 million tonnes and 1.65 Mt. SPECIALTY * Ferroglobe PLC plans to restart its 55,000-ton silicon metal facility in Polokwane, South Africa, in November, with initial production of about 1,150 tonnes per month, Dow Jones Newswires reported. * A preliminary economic assessment for Namibia Critical Metals Inc.'s Lofdal heavy rare earth project outlined a posttax net present value of US$391 million, discounted at 5%, with a 28% internal rate of return and a 3.2- year payback period. INDUSTRY NEWS * Deals in the precious metals space dominated the top five metals and mining transactions during the week ended Sept. 30, according to a screener on S&P Capital IQ Pro. * The weakness in the price of metals such as copper, steel and aluminum has generally been linked to a cooling global outlook for growth, an analyst said. * Stocks may still be overvalued, as economists at S&P Global Market Intelligence suggested that consensus estimates for earnings season are overly optimistic. READ MORE about the market reaction and industry impact of the evolving situation in Russia and Ukraine in our Issue in Focus. S&P Global Commodity Insights produces content for distribution on S&P Capital IQ Pro. The Daily Dose is updated as of 8 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later. Evolution secures 8-year power deal for Cowal gold operation Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 14 of 18
AGL Energy Limited (ASX:AGL) S&P Global Market Intelligence Oct-04-2022 03:25 AM Evolution Mining Ltd. secured an eight-year power contract with AGL Energy Ltd. for its Cowal gold operation in New South Wales, Australia. According to an Oct. 4 statement, the agreement includes a renewable energy component, which will help Evolution meet its goal of reducing Scope 1 and Scope 2 emissions by 30% by 2030. The deal also provides ongoing long-term security of power supply to Cowal at competitive pricing consistent with Evolution's fiscal 2023 guidance and fiscal 2024 outlook. Power costs take up about 7% of Evolution's total costs, according to the company. The partnership will start in January 2023. S&P Global Commodity Insights produces content for distribution on S&P Capital IQ Pro. Over 2.5 million without power in Florida; PG&E wants non-nuclear assets spinoff S&P Global Market Intelligence Sep-29-2022 07:59 AM TOP NEWS IN ENERGY & UTILITIES * According to PowerOutage.us, more than 2.5 million customers are still without power in Florida as of 7:30 a.m. ET on Sept. 29. * PG&E Corp. plans to separate subsidiary Pacific Gas and Electric Co.'s non-nuclear generation portfolio into a stand-alone entity and will consider selling a minority stake in that new company. Incentives in US climate package could alter Duke's carbon reduction plans Duke Energy Corp. told North Carolina regulators that the renewable energy incentives in the new federal Inflation Reduction Act could alter the company's carbon reduction plan, including potentially leading it to cut or postpone 1,200 MW of natural gas generation. Norway targets onshore wind, hydro producers in planned tax hike The Norwegian government proposed a series of tax increases targeting the onshore wind and hydropower sectors, which it said have made "billions of [Norwegian] kroner on our common resources" due to high electricity prices. Troubled carbon capture projects dog US DOE ahead of new spending spree As the Energy Department begins to disburse $12 billion for carbon management research and development, observers have called for more accountability. A New Mexico carbon capture project expected to cost $1.6 billion appears to be the latest to fall. UTILITIES & POWER * The Oregon Energy Facility Siting Council approved a site certificate for a major transmission project that aims to deliver 1,000 MW of renewable energy between the Pacific Northwest and Intermountain West. * The Midcontinent ISO received a record-setting 956 applications during its 2022 Generator Interconnection Queue application period, reaching an all-time high for the third year in a row, with 96% of submittals for renewable or storage resources. * Constellation Energy Corp. expects that its nuclear- powered hydrogen production facility in New York will start production by the end of the year. * An appeals court in Chicago questioned the developers of the Cardinal-Hickory Creek transmission line for proceeding with the project despite challenges over its crossing of a wildlife refuge, Bloomberg Law reported. * AGL Energy Ltd. is planning to close its Loy Yang-A Steam Power Plant in Victoria, Australia, up to 10 years earlier than planned. RENEWABLES & CLIMATE * Vattenfall AB secured rights to build a 980-MW offshore wind farm in Germany, with a target grid connection date in 2027. * South African coal mining companies Exxaro Resources Ltd. and Thungela Resources Ltd. are planning to bid for Actis LLP's BTE Renewables (Pty) Ltd., Bloomberg News reported, citing people with knowledge of the matter. * The New Jersey Board of Public Utilities approved easements and other permits related to the Ocean Wind 1 transmission line connecting an offshore wind farm to the grid, OCNJDaily.com reported. NATURAL GAS * DT Midstream Inc., Southwestern Energy Co. and Williams Cos. Inc. joined a group of companies that plans to develop a hydrogen production and carbon capture hub in Appalachia, the top-producing shale gas region in the U.S. * A fourth leak was detected on the Nord Stream gas pipelines off southern Sweden, the Associated Press reported, citing a statement from the Swedish coast guard. * The North Atlantic Treaty Organization on Sept. 29 vowed a "united and determined" response in the event of deliberate attacks on critical energy infrastructure, describing recent damage to the Nord Stream gas pipelines in the Baltic Sea as deliberate acts of sabotage and a risk to shipping that also entailed substantial environmental damage, according to S&P Global Platts. * U.S. President Joe Biden warned oil and gas companies not to hike fuel prices as Hurricane Ian hit Florida, according to an AP report. * According to the Greek energy ministry, TotalEnergies SE agreed to supply liquefied natural gas to Greek gas utility Depa Commercial SA over the winter months, Reuters reported. OIL * China's top oil refiners are diversifying into alternative energy businesses on expectations that long-term regulations on carbon and greenhouse gas emissions would tighten, despite the country's near-term focus on energy security, executives said at the Asia Pacific Petroleum Conference organized by S&P Global Commodity Insights Sept. 26-28. * The Center for Biological Diversity filed a lawsuit against the Bureau of Ocean Energy Management for allegedly failing to review decades-old plans for offshore oil platforms in California. READ MORE about the impact of the U.S. midterms on our sectors in this Issue in Focus. The Daily Dose has an editorial deadline of 7:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later. S&P Global Commodity Insights produces content for distribution on S&P Capital IQ Pro. Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 15 of 18
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AGL Energy Limited (ASX:AGL) Energy Impact Partners launches €390M fund in Europe S&P Global Market Intelligence Sep-13-2022 09:35 AM Energy Impact Partners LP has launched a €390 million fund targeting companies that are advancing the net-zero carbon economy in Europe. The European Fund is structured to enable EIP to partner with European entrepreneurs. The fund will focus on companies with established products, markets and customers "across the full spectrum of the energy transition," such as those seeking to provide cleaner energy sources, EIP said in a Sept. 13 news release. "The energy transition is the most promising investment opportunity of our generation with a global estimated US$9 trillion to be spent annually. A lot of this money will be spent on new climate technologies," said Matthias Dill, CEO and co-managing partner of EIP Europe. Partners and investors in the fund include Microsoft Corp.'s Climate Innovation Fund, AGL Energy Ltd., Electricité de France SA's corporate venture capital arm EDF Pulse Ventures, Fortum Oyj, Galp Energia SGPS SA and Shell Ventures. S&P Global Commodity Insights produces content for distribution on S&P Capital IQ Pro. Lawmakers criticize campaign vs. solar probe; regulator fines CO2 pipe operator S&P Global Market Intelligence May-31-2022 08:01 AM TOP NEWS IN ENERGY & UTILITIES * Six Democratic lawmakers criticized a solar industry group for a high-stakes lobbying campaign to stop a federal trade investigation. * A 2020 industrial accident and a wave of new carbon dioxide pipeline proposals are causing a rethink of U.S. federal government safety standards. Battery blazes, breakdowns underscore 'growing pains' for energy storage Vistra Corp.'s Moss Landing Energy Storage Facility in California's Monterey Bay, celebrated as the world's largest lithium-ion battery station, is scheduled to resume commercial operations in June after separate outages in February and, before that, in September 2021 sidelined one of the Golden State's most essential energy transition assets. State climate cases against oil companies proceed, raising stakes for industry Two high-profile climate "deception" cases that Massachusetts and Rhode Island brought against leading oil companies were approved by state and federal courts in recent days, significantly raising the stakes for industry players, legal experts said. Ørsted warns of Russian gas supply stoppage as it refuses to pay in rubles Danish power generator Ørsted A/S has warned of a risk of gas supply interruptions from its contract with Russia's PJSC Gazprom as it continues to refuse to pay for gas in rubles. UTILITIES & POWER * A coalition of Midcontinent ISO transmission customers has recommended a tariff revision enabling MISO to allow customers' loads to exit the system when the grid operator's planning resource auction does not procure enough capacity for the next planning year. * Ameren Illinois Co. customers may see electric rate increases of about $626 per year starting June 1, The State Journal-Register reported, citing information provided by the company. * Britain might keep operating some of its coal-fired power plants slated for retirement to make sure there is enough power supply this coming winter, Reuters reported. * The roughly 600-MW Russell City Energy Center gas-fired facility in Alameda County, Calif., will return to full- capacity operations in June, a year after an unexplained explosion rocked the facility, The East Bay Times reported. * India's federal power ministry plans to reduce power generation from 81 thermal coal-fired plants over the next four years as part of its efforts to switch to clean energy sources and cut carbon emissions, according to a letter seen by S&P Global Commodity Insights. * The New York Times writes about how Florida Power & Light Co.'s proposed 176-mile transmission that state regulators never reviewed may be unsuitable or not even needed. * The Society of Professional Engineers and Associates initiated strike action at the Darlington nuclear site in Ontario, citing lack of progress in negotiating a contract with SNC-Lavalin subsidiary Candu Energy. RENEWABLES & CLIMATE * According to the Environmental Performance Index report, only Denmark and Britain were following a sustainable path to reach zero emissions by 2050, NYT reported. * Scientists are warning that hydrogen, when leaked into the atmosphere, can make global warming worse, depending on how it is manufactured, distributed and used, Bloomberg News reported. * Britishvolt will invest over £200 million in a pilot facility that will allow the electric vehicle battery maker to speed up the manufacturing of cells in larger volumes. * Hanwha Group's Qcells plans to invest $171 million in a new 1.4-GW solar module manufacturing facility in Dalton, Ga. NATURAL GAS * Australia's AGL Energy Ltd. withdrew its proposal to separate the company, announced the resignations of Chairman Peter Botten and CEO Graeme Hunt and launched a review of its strategic direction. * Following a gas rate hike proposal by New York State Electric & Gas Corp. and Rochester Gas and Electric Co., New York Gov. Kathy Hochul said it is "outrageous and unacceptable that utility companies are proposing the largest rate increase in recent history" for the companies' customers in Upstate New York, Mid Hudson News reported. * Russia cut off natural gas deliveries to partially state-owned Dutch energy firm GasTerra after it refused to pay in rubles as demanded by Moscow following its invasion of Ukraine, the Wall Street Journal reported. OIL * EU leaders have agreed to ban Russian oil imports by sea, covering more than two-thirds of Russian crude oil deliveries to the bloc, European Council President Charles Michel said late May 30, S&P Global Platts reported. * Crude oil futures continued to climb in midmorning Asian trade May 31, adding to gains of more than $2 per barrel for ICE Brent crude overnight after the EU reached an agreement to ban Russian oil imports, according to Platts. * Cenovus Energy Inc. and its project partners are planning to resume the construction of the West White Rose Project offshore Newfoundland and Labrador, with first oil from the platform expected in the first half of 2026. The Daily Dose has an editorial deadline of 7:30 a.m. ET. Some Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 16 of 18
AGL Energy Limited (ASX:AGL) external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later. S&P Global Commodity Insights produces content for distribution on S&P Capital IQ Pro. Australia power plant pipeline includes 50 GW of wind, solar resources S&P Global Market Intelligence May-23-2022 03:00 AM Australia's power generation mix, now nearly two-thirds coal and natural gas, is undergoing a dramatic transformation, with nearly 50 GW of wind and solar resources under development. The country's current power generation mix totals about 70 GW, according to S&P Global Market Intelligence data, with 35% from coal and 28% from natural gas. It has pledged to achieve a net-zero emissions economy by 2050. Planned capacity sits at more than 61 GW, with 45% from solar and 37% from wind. Variable renewable energy resources are being added to the grid rapidly, according to the Australian Energy Market Operator, which oversees the country's electricity and natural gas markets. It is expected that as soon as 2025 all the country's electricity will be supplied by renewable resources during certain intervals. Sydney- headquartered AGL Energy Ltd., which traces its history back to 1837, is the country's largest power generator, according to Market Intelligence data, with more than 8.9 GW, mostly coal, in operation and another 3.7 GW planned. Next-largest is Singapore-headquartered Sun Cable Pte. Ltd., with a planned portfolio of 11.9 GW. The company is planning a massive solar field in Australia's Northern Territory accompanied by energy storage resources, connected to Singapore by a 4,200-kilometer subsea high- voltage direct-current transmission cable. The energy infrastructure could provide about 15% of Singapore's electricity needs. Iron ore miner Fortescue Metals Group Ltd., through a subsidiary, said in February that it plans to develop 5.4 GW from wind, solar and storage resources in Western Australia, in part to supply its own operations. Other Australian miners have sought renewable energy supplies for their operations through power purchase agreements. One North American company active in Australia is Calgary, Alberta- headquartered TransAlta Corp., which has been operating gas-fired and cogeneration plants in Western Australia, primarily to serve mining operations, since the mid-1990s. Spain-headquartered Iberdrola SA is active in Australia as well, with a portfolio of five operating onshore wind farms; the output of several other wind farms under contract; and other wind, solar and battery storage facilities in development. On April 20, the company announced the acquisition of a planned 1-GW onshore wind facility in North Queensland, called Mount James. Another Spain-headquartered company, Corporación Acciona Energías Renovables SA, in early May began construction on what it said is Australia's largest onshore wind farm to date, the 1,026-MW Macintyre complex. Ark Energy Corporation Pty. Ltd., an Australian subsidiary of Korea Zinc Co. Ltd., owns a 30% interest in the larger of the two Macintyre wind farms, and Queensland government-owned power generator CleanCo Queensland Ltd. owns the smaller unit. Construction of the A$2 billion project is expected to be completed in 2024, Acciona said. As in North America and Europe, Australian power generators are remaking their fleets to reduce emissions. Origin Energy Ltd. in February said it would shut its four-unit, 2,880-MW Eraring Steam Power Plant in 2025, instead of a previously planned shutdown in 2032. "[T]he reality is the economics of coal-fired power stations are being put under increasing, unsustainable pressure by cleaner and lower cost generation, including solar, wind and batteries," Origin Energy CEO Frank Calabria said in a news release. The plant site will be used for up to 700 MW of battery storage capacity, the company said. Origin Energy is an electricity and natural gas retail provider as well as an LNG exporter. Neoen signs 7-year virtual battery deal with Australia's AGL Energy S&P Global Market Intelligence Apr-15-2022 01:51 PM Neoen SA entered a seven-year virtual battery agreement with Australian energy producer and retailer AGL Energy Ltd. for a planned battery energy storage project in Australia. Under the agreement, Neoen will supply 70 MW/140 MWh of virtual battery capacity in the New South Wales region of Australia's national electricity market, the Impala SAS subsidiary said April 14. Neoen will leverage its 100-MW/200-MWh Capital Battery in Canberra to allow AGL Energy to hedge its customer load by virtually charging and discharging the battery when it chooses. Construction started in December 2021, and the project is expected to come online in the first half of 2023. Neoen said it owns a battery storage portfolio of 576 MW in operation or under construction in Australia. S&P Global Commodity Insights produces content for distribution on S&P Capital IQ Pro. South Jersey Industries in $8.1B deal; Entergy's Hurricane Ida escrow gets OK Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 17 of 18
AGL Energy Limited (ASX:AGL) S&P Global Market Intelligence Feb-24-2022 08:05 AM TOP NEWS IN ENERGY & UTILITIES * The Infrastructure Investments Fund, an investment vehicle advised by J.P. Morgan Investment Management Inc., reached a deal to acquire South Jersey Industries Inc. for $36 per share in cash, reflecting an enterprise value of approximately $8.1 billion. * Louisiana regulators approved Entergy Corp. subsidiary Entergy Louisiana LLC's settlement for 2020 and 2021 storm costs and a $1 billion escrow formation for Hurricane Ida costs Feb. 23, the same day executives shared plans for reliability improvements on the utility's earnings call. NiSource will consider asset sales, purchases as part of strategic review The new chief executive at NiSource Inc. plans to consider asset divestments and purchases as part of a strategic review of the Midwest and mid-Atlantic multi-utility's business. FERC hears conflicting arguments over rate recovery for trade association dues Environmental and consumer advocates urged the Federal Energy Regulatory Commission to reform its regulations for rate recovery of industry associations dues, but trade groups maintained that they already follow federal rules for lobbying activities. US solar panel imports sluggish in Q4'21 as trade threats persist U.S. solar panel imports remain under pressure as trade disputes threaten to choke off equipment supplies for project developers. UTILITIES & POWER * PPL Corp. secured the final regulatory approval needed to close its acquisition of Rhode Island utility Narragansett Electric Co. * The largest electricity consumer in Vermont, semiconductor manufacturer GlobalFoundries Inc., said it will continue with plans to become a self-managed utility, but one that complies with the state's renewable energy laws, after state regulators denied its request for an exemption. * Former Electric Reliability Council of Texas Inc. CEO Bill Magness said he ordered to keep the maximum price cap on wholesale prices for days during the February 2021 winter storm after getting instruction from Gov. Greg Abbott to do whatever it takes to prevent further rotating blackouts, the Houston Chronicle reported. * New Mexico regulators approved Public Service Co. of New Mexico's proposal to delay the closure of one unit at the San Juan Generating Station until September, according to the Associated Press. * Sandhills State Bank CEO David Gale is seeking a seat on the Nebraska Public Power District board, saying he will challenge the utility's 2050 net-zero carbon emissions goal, The North Platte (Neb.) Telegraph reported. * Pacific Gas and Electric Co. is reportedly nearing a deal with Sonoma County, Calif., prosecutors to settle criminal charges related to its role in the 2019 Kincade fire, according to The Press Democrat in Santa Rosa, Calif. * Brookfield Asset Management Inc. has reached out directly to the largest investors of AGL Energy Ltd. after the Australian utility rejected its takeover offer, the Financial Times reported. RENEWABLES & CLIMATE * Avangrid Inc. executives touted a $175 million transaction restructuring the company's offshore wind joint venture with Denmark's Copenhagen Infrastructure Partners K/S but acknowledged that the company faces regulatory roadblocks on other issues in New Mexico and Maine. * LG Electronics Inc. said it will close its solar panel business and shutter a solar panel factory in Alabama by June 30 as the industry grapples with high raw material and logistics costs. * Global methane emissions from the energy sector are 70% higher than what governments have reported, the International Energy Agency said. Satellites are showing previously undetected methane releases in major production areas, with the IEA noting significant events in Texas and Central Asia in 2021. * The US Bureau of Ocean Energy Management began a multiday offshore wind power auction for six lease areas covering more than 488,000 acres in the New York Bight region that had four bidders at $330 million for one area as of late afternoon, according to S&P Global Platts. * The Washington Post interviewed some Potomac Electric Power Co. customers in Washington, D.C., who claim that the high upgrade costs are discouraging them from installing rooftop solar panels in their homes. NATURAL GAS * Pembina Pipeline Corp. has appointed Scott Burrows the company's permanent president and CEO after concluding an executive search process, according to Dow Jones Newswires. * Russian gas exporter PJSC Gazprom said Feb. 24 that its shipments of Russian gas via Ukraine to Europe are continuing as normal, hours after officials in Kyiv said Moscow had launched an invasion, S&P Global Platts reported. * Russia's new military push against Ukraine poses another threat to Europe's already tenuous supply of natural gas, Dow Jones Newswires reported, citing The Wall Street Journal. * Saudi Arabian Oil Co. closed a deal to sell a 49% stake in Aramco Gas Pipelines Co. to a consortium led by affiliates of BlackRock Inc. and Hassana Investment Co. As part of the deal, the companies entered into a 20-year lease and leaseback arrangement. OIL * An unnamed source told Reuters that TotalEnergies SE has made a large hydrocarbon discovery off the coast of Namibia. * Exxon Mobil Corp.'s cost-cutting measures resulted in its global workforce falling by 9,000 people in 2021, Reuters reported. * The White House said it is ready to release oil from its Strategic Petroleum Reserve amid the escalating Russia-Ukraine crisis, The New York Times reported. The Daily Dose has an editorial deadline of 7:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later. * denotes proprietary relationship information. Historical Equity Pricing Data supplied by Interactive Data Pricing and Reference Data LLC Regulatory News Service data provided by Date Created: May-10-2023 Copyright © 2023 S&P Global Market Intelligence, a division of S&P Global Inc. All Rights reserved. Page 18 of 18
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