AGL fighting power contracts ruling

Energy retailer AGL has launched a last-ditch attempt in the South Australian Supreme Court to stop the Essential Services Commission from ordering lower electricity prices.

In a draft ruling, the Commission has foreshadowed a cut of 8.1 per cent in power prices for customers with standing contracts with default retailer AGL.

That involves about one quarter of SA electricity customers, who could expect an average saving of about $160 annually.

In the Supreme Court, AGL said its current contract was not due to expire until 2014 and any change could cost it $15 million over six months.

It argued the company had already factored in future market conditions the Commission was concerned about.

The Essential Services Commission is yet to put its argument to the court.

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