Market Chatter: AGL Energy Breaks Ground on Western Australia Gas Power Plant

MT Newswires Live13:04

AGL Energy (ASX:AGL) started construction on a AU$490 million gas power plant in Kwinana, Western Australia, the Australian Financial Review reported Wednesday.

The 220-megawatt station will be constructed next to an existing generator at the site, increasing its total capacity to 340 megawatts, according to the report.

The project will help the company grow its Perth Energy retail operations and diversify beyond the east coast market, the news outlet reported, citing AGL Chief Executive Damien Nicks.

AGL Energy shares gained 1% in recent Wednesday trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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