AGL buys Southern Hydro

SYDNEY- Australian Gas Light said today it had acquired the hydro and wind power business Southern Hydro for A$1.425 billion ($1.53 billion) and planned to split into two separately-listed companies on the Australian bourse.


AGL, which is buying Southern Hydro from New Zealand energy company Meridian Energy, said it was separating its retail and merchant energy assets from its infrastructure assets.


AGL said the move would have no impact on its 2006 financial performance outlook.


- REUTERS