AusBN - AGL Energy has posted an annual profit of AUS$539 million for the year to June 30, bouncing back from a loss of $408 million in 2016 as a result of one-off items and fair-value movements.
Australia’s second largest energy retailer was buoyed by higher energy prices over the course of the year, but AGL’s chief executive Andy Vesey said new power supplies are needed to bring prices down.
"Ultimately, until new investment winds up in new supply, we will continue to see this tension between regulatory and government desire to intervene and what the industry will do, said Vesey.
"Until we can make those additional investments to bring wholesale prices down the best we can do is ensure that all consumers have the best information they need to make the best choices in a very competitive market place."
However, AGL is set to continue benefitting from high energy prices into 2018, with the company revealing it expects profits to lie within the range of $940 million to $1.04 billion by this time next year.