AGL launches action on price ruling
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PERTH, Dec 4 AAP
December 04 2012, 5:59PM
AGL Energy has launched legal action to challenge a price ruling by the Essential Services Commission OF South Australia (ESCOSA).
AGL began legal proceedings in the Supreme Court of South Australia on Tuesday ahead of a final price determination on December 14.
"AGL maintains that ESCOSA has wrongly exercised its power under the legislation to review prices due to special circumstances," AGL said in a statement.
In its fiscal 2013 earnings guidance AGL said adverse regulatory pricing decisions in Queensland and South Australia would reduce underlying profit by approximately $45 million in fiscal 2013.