Class action filed against Australia's AGL over alleged competition law breach
Business
AGL Energy is served with class action to breach competition and consumer law during bidding in NEM
(Reuters) - Australia's AGL Energy Ltd said on Monday it was served with a class action lawsuit in the Federal Court alleging that it breached competition and consumer law during bidding in the South Australian region of the National Electricity Market (NEM).
The gas and electricity supplier said it took its compliance obligations seriously and would "vigorously defend" the proceedings.
The NEM is a regulated wholesale electricity market operated by the Australian Energy Market Operator, with the Australian Energy Regulator undertaking compliance monitoring and enforcement, AGL noted in its announcement to the stock exchange.
The government has ramped up scrutiny of the gas industry, introducing price caps, and proposing to expand powers to curb liquefied natural gas exports from east coast plants to ensure sufficient supply for domestic consumers at affordable prices.
