News: AGL bid for NSW assets unsuccessful

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    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.
 
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