AGL's annual underlying profit drops 58%
Australian utility AGL Energy on August 19 reported a 58% year/year decline in underlying profit in the year to June 30 (FY2022) owing to lower electricity prices and plant outages.
The underlying profit, which excludes significant items, came in at A$225mn ($155.52 million), compared with A$537mn a year ago.
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“As anticipated, this lower result reflected the step down in trading and origination electricity earnings due to lower realised contracted and wholesale customer prices, increased capacity costs to cover periods of peak electricity demand, as well as the non-recurrence of the Loy Yang Unit 2 insurance proceeds received in FY21,” AGL said.
AGL said FY2023 earnings will remain resilient amidst the current challenging energy industry and market conditions. “AGL is largely hedged for FY23 and well positioned from FY24 to benefit from sustained higher wholesale electricity pricing as historical hedge positions progressively roll-off,” it added.
The company will provide FY2023 guidance in late September.