AGL Energy Ltd (ASX:AGK) says its bid to secure some of New South Wales $6 billion worth of electricity assets has been unsuccessful.
The energy retailer says it has blown $13 million during the bidding process, which will be included as a significant item for the first half of the current financial year's results.
With AGL Energy now out of the running, Origin Energy Ltd (ASX:ORG) and TRUenergy are pitched to be the front runners.
AGL Energy booked a net profit of $356 million in the 2010 financial year.
AGK Price at posting:
$14.68 Sentiment: None Disclosure: Held
