Australian Power And Gas (ASX:APK) Grows Past 200,000 Customer Accounts

Sydney, Jan 21, 2011 AEST (ABN Newswire) - Independent energy retailer, Australian Power & Gas (ASX:APK), today announced that its total net customer accounts has grown to more than 200,000. This is up from 145,000 customer accounts at the end of June 2010.

In the last six months Australian Power and Gas has acquired more than 55,000 new customer accounts. This is 10,000 accounts more than the company achieved during the full 2009/10 financial year, and puts the company solidly on track to achieve its stated target of 250,000 net customer accounts by June 30, 2011.

"This achievement illustrates the high growth potential of the company now that we are marketing into the three states of Victoria, New South Wales and Queensland," said James Myatt, CEO of Australian Power & Gas.

"At 200,000 plus accounts the company believes that it has now emerged as a serious new entrant into the competitive energy retail space in Australia," Myatt said. "Recent sales of the previously government-owned retailers in New South Wales and Queensland show that significant value is being placed on these customer bases."

The table below shows that these recent transactions have occurred at between A$1000 and A$1,300 per customer account.

The company intends to announce its preliminary underlying financial results for the first half of FY11 on Friday, 28 January.

Contact

James Myatt Australian Power & Gas Tel: +61-2-8908-2700 http://www.australianpowerandgas.com.au