Crisis in the pipeline: AGL's ominous adjustment

AGL's writedowns of its CSG assets speak volumes about NSW's policy intentions and reinforces the supply threat to that state and others.

AGL’s result has provided another insight into the potential energy crunch facing New South Wales in the second half of this decade, as the domestic gas market links into the international market as the three big Queensland export LNG plants start operating.

AGL, one of the big three energy retailers, had made a big push into coal seam gas acreage in NSW to help secure its future gas requirement. Today it wrote down the value of three of its NSW projects by $343.7 million, or 44 per cent of their value.

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