Integrated energy company AGL Energy Ltd
(ASX:AGK) has been selected as the renewable energy supplier for South Australia’s new 100 gigalitre per annum desalination plant.
The contract is for 20 years and the plant is currently under construction at Port Stanvac, south of Adelaide.
AGL says it will satisfy the South Australian Government’s requirement that the plant be powered by 100 per cent renewable energy.
The contract win follows the company’s announcement on July 30 that it had secured the energy supply contract for Victoria’s $3.5 billion desalination plant to be constructed near Wonthaggi.
Managing director Michael Fraser says the company will be providing renewable energy to these projects with a combined wind generation capacity of more than 540 megawatts.
AGL says in order to meet the Victorian Government’s requirement that the plant’s be offset by an expansion in renewable energy projects, it has committed to the construction of the Oaklands Hill wind farm in south west Victoria.
AGL Energy posted its strongest profit in five years in 2009, reporting profit of $1.59 billion.
National Australia Bank Ltd (ASX:NAB) is to abolish overdrawn account fees on all NAB personal transactions and savings accounts effective immediately.
The move is three weeks earlier than planned with the bank originally targeting to remove the fee’s by October 1.
According to the Sydney Morning Herald the bank says it has undertaken extensive work making changes to its systems so that customers can benefit from the removal of these fees sooner.
The overdrawn fee’s impact around 700,000 personal transaction or savings account customers a year. NAB’s 2008 net profit was $4.5 billion.
Iron ore explorer Atlas Iron Ltd (ASX:AGO) and minerals explorer Warwick Resources Ltd (ASX:WRK) have agreed to merge.
Under the agreement Atlas is offering one Atlas share to Warwick shareholders for every three Warwick shares.
The offer represents a 48 per cent premium to Warwick shareholders based on the price of Warwick shares over the past 30 days.
Atlas says the combined company will reap substantial benefits from higher tonnage production including lower costs, increased buying power and greater marketing strength.
Atlas managing director David Flanagan says the transaction with Warwick brings with it a very large south east Pilbara iron ore tenement portfolio with exceptional resource potential.
Atlas and Warwick have executed a scheme implementation agreement in relation to the merger, under which Atlas will acquire all of the issued securities in Warwick.
Warwick’s board recommends Warwick shareholders vote in favour of the merger. Atlas Iron has posted losses in the last four years, and Warwick Resources is yet to post a net profit.
