AGL sells digital metering asset
AUSTRALIA’S largest power generator AGL has agreed to offload its digital metering subsidiary, Active Stream, to NSW electricity distributor Ausgrid for a post-tax profit of $25 million.
Active Stream was established in 2015 to install digital meters ahead of the Power of Choice regulatory reforms that come into effect on 1 December 2017.
In a statement AGL said its decision to divest the asset reflects “the evolution of AGL’S strategy to become technology agnostic in the development of innovative, data-enabled energy products and services that are accessible to all customers, regardless of meter provider.”
Ausgrid chief executive Richard Gross said the purchase represented an “exciting milestone” in pursuit of Ausgrid’s strategy in the Power of Choice metering market.
Post the close of the sale, Active Stream will continue to provide digital metering services to AGL on a non-exclusive basis.