Progress against 2007/08 commitments.

Actively pursue further electricity generation and upstream gas production options

Acquired significant number of development options for new renewable projects, a number of gas production rights and announced construction of a new 132 MW wind farm (Hallett 4)

Achieved

Continue to apply a disciplined approach to capital investment decisions

Affirmed AGL’s long-term credit rating as ‘BBB’, with Standard and Poors revising the rating outlook to stable from negative

Achieved

Further develop our portfolio of generation assets to deliver stakeholder and environmental benefits under a carbon-constrained future

Outlined capital expenditure plans for new renewable generation

Achieved

Continue to implement the Phoenix change program to deliver improved operational capabilities and long-term cash benefits

Completed the final transfer of our customer accounts onto a new SAP customer billing and relationship management system

Achieved