As reported in EnergyReview.net two weeks ago, the NSW Parliament passed legislation to help AGL convert from a company of 'proprietors' - established by law dating back to 1837 - to a modern company registered under the Corporations Act.

AGL told the stock exchange, under current tax law, there could a number of "adverse" tax consequence as a result of the corporate conversion and in order to avoid this scenario, the Federal Government will introduce legislation that will see the "new" AGL be treated as the current AGL for tax purposes.

AGL added this would remove tax issues as a possible impediment to the AGL corporate conversion.