Sydney - Thursday - May 31: (RWE Australian Business News) - Energy retailer Australian Power & Gas Company Ltd (ASX code: APK) has entered an exclusive agreement with "a major energy market participant" that secures Australian Power & Gas's full electricity purchase requirements in Victoria for the next three years. The transaction effectively fixes the purchase price for the electricity at a profitable rate for Australian Power & Gas and covers the full volume used by the company's Victorian customers. The deal is effective from June 1. CEO Mr James Myatt said: "This agreement allows Australian Power & Gas to fix its purchase costs without exposure to the wholesale market and allows the company to focus on adding to its customer base profitably. This transaction is consistent with the risk minimisation strategy that we have employed throughout our business."
APK Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
