Aug 17, 2017 Last Updated 2:16 PM, Aug 16, 2017

New Entry From the Editor :

Contrasting fortunes for Origin and Woodside in FY results

Contrasting fortunes for Origi…

AusBN - Origin Energy has posted a full-year (FY) loss of AUS$2.2 billion a...

Report finds majority of top Australian firms ill-equipped for business in Asia

Report finds majority of top A…

AusBN - A report by think tank Asialink has found that a large majority of ...

South Australian government to be powered by 150MW solar thermal plant

South Australian government to…

AusBN - A 150MW solar thermal power plant has been contracted by the South ...

AGL Energy bounces back to $539 million FY profit

High voltage power transmission towersAusBNAusBN - 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.

@AusBNOnline

This Month's Issue

AusBN Vol3 Iss1

Subscribe

rgn web banner

abn web banner

Recent Tweets