AGL to fight rejected NSW power buy

AGL Energy will fight an ACCC decision to block its planned takeover of two NSW power stations. Source: AAP

AGL Energy will fight a decision by the competition watchdog to block its planned $1.5 billion takeover of two NSW government owned power stations.

The Australian Competition and Consumer Commission (ACCC) has opposed AGL Energy's takeover of the power stations, saying it would substantially lessen competition in the electricity market.

ACCC chairman Rod Sims has said the acquisition would mean up to 80 per cent of the state's energy generation would be controlled by three companies: AGL, Origin and EnergyAustralia.

Macquarie Generation accounts for just over a quarter of NSW's energy production.

AGL managing director Michael Fraser said the ACCC's decision had significant implications for the future of the energy industry and could not be left unchallenged.

The company has lodged an application with the Australian Competition Tribunal for authorisation to buy Macquarie Generation.

"We have decided to seek to have the matter heard by the tribunal rather than the Federal Court because the legislated time frame for decision making by the tribunal is shorter than the time it would normally take the court to consider a matter of this nature," Mr Fraser said in a statement.

The independent tribunal has a three month period to consider the application, and this period may be extended by a further three months.

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