AGL to review upstream gas business

AGL Managing Director and Chief Executive Andy Vesey.

AGL Managing Director and Chief Executive Andy Vesey.

AGL Managing Director and Chief Executive Andy Vesey announced that he would undertake a comprehensive review of the company’s upstream gas business.

The review will encompass the management structure and the operational and management practices required to position the business to deliver on its goals of safely exploring for and producing gas resources for AGL’s customers.

As a result, AGL Group General Manager Mike Moraza has decided to bring forward his retirement and finished with AGL on 18 February 2015.

In announcing the change, Mr Vesey said that as AGL prepares for a new phase in the development of its gas projects, it was important to adapt the structure and governance frameworks.

“The gas business has the potential to provide vital gas resources for our NSW customers and is set to contribute significantly to our balance sheet and deliver solid returns for our shareholders. It is important that we get the structure right,” Mr Vesey said.

Mr Vesey also announced that Scott Thomas, the General Manager of AGL Macquarie, would be appointed Acting Group General Manager Upstream Gas, commencing on Monday 23 February 2015.

Mr Thomas is well-qualified to lead this review. He has worked for AGL for 28 years in a variety of senior roles, including leading AGL’s Power Development group and its Business Customers group. Most recently he has been in the role of General Manager AGL Macquarie, where he has led the Bayswater and Liddell power stations and managed their integration into the business.

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