Addressing shareholders and not 'proprietors' for the first time at its annual meeting, managing director Greg Martin said the Sydney-based company's first quarter trading was ahead of a year ago and results from the recently acquired Pulse Energy were in line with budget expectations.

However, Mr Martin declined to comment on whether AGL would meet analyst expectations of a $279 million fiscal 2003 net profit. "What I have said is that we are trading above last year," Mr Martin said. "The results in the first quarter, and the Pulse business for the two months it has been in our hands is trading very well indeed."

While little progress has been made on disinvesting some $400 million of non-core assets, AGL did nominate operations as those that could be disposed of including WA power generation, COMindico, interests in Chile, South America as well as parts of the NZ energy business.

Mr Martin also used the occasion to lash out at energy market regulations. "Having to deal with 14 separate regulators and comply with some 2800 different regulatory obligations does not seem to me to be an efficient system," he said. "It is not always comfortable being the retailer in such a disconnected regulatory environment.

"We send the bills to the final consumers so we are the messenger at which most of the snipers aim"