Major Australian gentailer AGL Energy has closed the chapter on a year of “significant challenges,” including a significant dint to underlying profits, with a view to focus growth and spending on big batteries and flexible generation.
In its results for the financial year ended June 30, 2022, AGL reported an underlying profit after tax of $225 million for the period, down 58 per cent on the 2021 financial year.
AGL managing director and CEO Graeme Hunt detailed a year of challenging energy industry and market conditions, including a scuppered demerger plan, attempted takeover bid, an unprecedented energy market suspension, and an overall “material elevation in volatility” since mid-2021.
Hunt said AGL’s earnings were buffetted by a mix of planned and unplanned thermal generation outages, unprecedented market conditions, and increased residential solar volumes, among…
Big batteries and flexible generation the focus, as AGL seeks greater energy resilience
