splurged up this morning, page-2

Gearing themselves up for the next move. There is some speculation if the Gas regulator in WA hands down a decision to reduce tarrifs on the Dampier to Bunbury natural gas pipeline which will undoubtably sent Epic into receivership leaves the door open for AGL and it's trust APT will move in. WA being the only market they do not have a significant presence in the transport and distribution network.

AUSTRALIAN GAS LIGHT COMPANY (THE) 2003-04-28 ASX-SIGNAL-G

HOMEX - Sydney

+++++++++++++++++++++++++
MEDIA RELEASE

AGL ACCEPTS TRUSTPOWER'S SHARE BUY-BACK OFFER

The Australian Gas Light Company (AGL) Managing Director, Greg
Martin, today announced that AGL had agreed to accept TrustPower
Limited's pro-rata share buyback offer for the whole of its 20.5 per
cent shareholding in the New Zealand based energy company.

AGL expects to receive cash proceeds of approximately $AUD135 million
through the divestment of 40.6 million TrustPower shares at the offer
price of $NZ3.70 a share. The sale proceeds are expected to
approximate AGL's net carrying value of the investment.

Mr Martin said AGL's shareholding in TrustPower had been under review
during the past year.

"The share buy-back offer from TrustPower provided an opportunity for
AGL to divest its TrustPower shareholding and is consistent with
AGL's strategy of re-focusing efforts in New Zealand around the core
business portfolio of AGL's 66% owned subsidiary, NGC Holdings
Limited," Mr Martin said.

Subject to approval of the share buy-back by TrustPower shareholders,
AGL anticipates receipt of the proceeds by no later than June 30
2003.

Proceeds will be applied to debt reduction.