The east coast energy crisis has smashed EnergyAustralia, dragging the whole business of its owner CLP Group in Hong Kong into the red for the June half.
have forced owner Hong Kong-based CLP Group into the red in the June half, citing “challenging and extreme” energy market conditions in Australia.
“This has resulted in the business being short to the contract positions it has previously entered into and the business having to buy electricity in the high-priced spot market to cover these positions,” CLP said. In its first-quarter report, CLP said losses on the contracts for the March quarter totalled $HK2.5 billion, a figure that has now ballooned higher in the following two months.
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