The impending asset shuffle between Australian Gas Light and Alinta raises the prospect of Australian Pipeline Trust becoming another domino in the rationalisation of the Australian energy sector, says ABN Amro. Under this week's merger deal, AGL will take the merchant and retail energy businesses while Alinta will take most of AGL's infrastructure assets - including the 30 per cent stake in listed APT, Australia's biggest owner of natural gas pipelines. According to a research note from ABN Amro, that structure is not sustainable, as Alinta already has a listed infrastructure offshoot that owns extensive pipeline assets, Alinta Infrastructure Holdings.