AGL Energy Limited
(ASX:AGK) is battling on with its quest to buy New South Wales power producer Macquarie Generation for $1.5 billion.
The gas and electricity retailer has now lodged an application with the Australian Competition Tribunal after Australia’s competition regulator rejected the bid earlier this month.
The Australian Competition and Consumer Commission (ACCC) claimed the proposed acquisition will likely result in a substantial lessening of competition for the retail supply of electricity in the state.
AGL says the ACCC’s decision has significant implications for the future of Australia’s energy industry and cannot be left unchallenged.
While the appeal process could take up to six months AGL says it decided to head to the Tribunal rather than the Federal Court due to the shorter decision making time frame.
AGL Energy reported a net profit of $261 million in the first half of the 2014 financial year.
