AGL managing director Paul Anthony says the move to join the Chicago Climate Exchange (CCX) may provide the utility with a new revenue stream.

"AGL will not only gain a physical means of mitigating the cost of any carbon constraint, it will also position itself, in joining the CCX, as a global player in emission reduction activities, Anthony said.

AGL is the first Australian utility to join the exchange whose members include corporate powerhouses Sony, Ford, Motorola, IBM, Bayer Corporation and American Electric Power.

Anthony said the move gave AGL the opportunity to derive an income stream from selling carbon credits on world markets.

The CCX is the largest market of its kind.

CCX traded the equivalent of more than 10.5 million tonnes of greenhouse gas abatement in 2006, and about 5.9 million tonnes so far in 2007.

Anthony said that AGL would be able to take advantage of CCX's portfolio of generation and trade allowances with other companies around the world, which were seeking to reduce their own carbon footprint.

" ... by joining the CCX, AGL is able to access the global buyers for its many carbon projects," he said.

AGL's renewable generation base will soon include 186 megawatts of wind generation, 645 megawatts of hydro power, and an additional 400 megawatts of wind generation under investment consideration.

This will make the utility the largest owner and developer of renewable generation in Australia.

"We are very pleased to be the first major Australian company and first electricity generation and retail business outside North America to join the CCX," Anthony said.

"AGL is well positioned to further engage with the growing body of ethical funds which are increasingly focusing on energy companies."