AGL Energy Limited (ASX: AGL)
AGL operates Australia’s largest electricity generation portfolio and is committed shaping a sustainable energy future for the domestic market. The company holds 3.6 million customer accounts and has an experience of more than 180 years. AGL believes that the company holds a moral responsibility to provide sustainable, secure and affordable energy to its customers.
The company intends to grow in a carbon resilient world, and for that, AGL remains committed to exiting the coal-fired generation by 2050 and develop innovative solutions for its customers.
On 23 May 2019, the energy provider to business and residential consumers in Australia announced on the Australian Securities Exchange, that the company entered into a new Gas Supply Agreement (GSA) of 78 petajoules of natural gas with BHP Billiton Petroleum (Bass Strait) Pty Ltd.
The gas agreement secured by the company would mark a gas sale from the Gippsland Basin, Victoria for 3.25 years, and will start from April 2020. The Gas Supply Agreement would support the company’s continued supply of its customers in New South Wales and Victoria.
The company is keen to secure cost-competitive gas supply for its Australian domestic market and new gas supply from global markets through its proposed AGL Gas Import Jetty Project.
The company recently released its Macquarie conference presentation as well.
The share prices of the company closed flat at A$22.170 (as on 23rd May 2019).
Liquified Natural Gas Limited (ASX: LNG)
LNG is an Australian Securities Exchange listed company, with a portfolio of various wholly-owned subsidiaries. The 100% owned subsidiaries of the company include:
- Magnolia LNG, LLC or also known as Magnolia LNG is the United States-based subsidiary, which is currently developing a more than eight million tonnes per annum, the liquified natural gas export terminal in Port of Lake Charles, Louisiana.
- Bear Head LNG Corporation Inc. is a Canada based subsidiary, which is developing a liquified natural gas export terminal of 8 to 12 million tonnes per annum capacity in Richmond County, Nova Scotia, and holds potential for further expansion.
- LNG Technology and Bear Paw pipeline are other significant subsidiaries of the company.
In a recent update, the company had mentioned that its subsidiary Magnolia received its Industrial Tax Exemption incentive from the State of Louisiana in the United States.
The Louisiana Board of Commerce and Industry along with local governments and Gov. John Bel Edwards unanimously approved the incentive which has been provided to the company, following, the recent decision by the trio to offer an incentive to manufacturers who are responsible for job creation in the state.
Also, Magnolia is expected to generate one thousand and five hundred construction jobs and two hundred permanent jobs in Louisiana region.
The above-mentioned tax incentive increases the company’s competitiveness in the global LNG market and provides an economic boost to it.
The company previously secured expansion approval for the Magnolia subsidiary.
The shares of the company, ended the day’s trading session, on ASX today at A$0.365, down by 2.667% as compared to its previous close.
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