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New User‘Extremely challenging:’ AGL posts $2b loss as clean energy shift pummels profits
12 Aug 2021
AGL, the nation’s largest power supplier, has sunk to a $2.06 billion loss as the rapid rise of renewable energy continues to rock the industry and pummel the company’s profits.
With the influx of new wind and solar power driving down wholesale electricity prices across the country, the ASX-listed energy giant described the past financial year as “extremely challenging” and warned of further pain to come.
AGL’s bottom-line earnings fell from a $1 billion profit in 2020 to a $2.06 billion loss, the company said on Thursday, while its underlying earnings dropped 33.5 per cent to $537 million, narrowly above analyst expectations.
“There has been continued uncertainty regarding energy policy and an acceleration of the market forces that determine our strategy,” AGL chairman Peter Botten said.
“This has included increasing pressure for energy companies and society as a whole to take accelerated action on climate change.”
Source : https://www.smh.com.au/business/companies