After slumping to a $1.1 billion loss in the final six months of last year, the electricity and gas supplier, which is responsible for 8 per cent of Australia’s greenhouse gas emissions, delivered upgraded full-year profit targets on Friday morning.
Energy giant AGL is expecting to more than double its earnings in the coming year on the back of a sharp recovery in wholesale electricity prices and improved reliability across its coal-fired power stations following a spate of costly breakdowns in 2022.
Last year’s months-long breakdown of Loy Yang A’s Unit 2 contributed to a worse-than-expected $1.1 billion half-year loss.The revisions have narrowed AGL’s underlying profit guidance for the 2023 financial year to between $255 million and $285 million, while its expectations for financial year 2024 are between $580 million and $780 million.
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