Volatile year and write-down of coal-fired plants send AGL to $1.26b loss
AGL Energy has posted a $1.26 billion statutory full-year loss after two significant writedowns in a volatile year in the energy markets.
AGL CEO Damien Nicks. Image: Supplied
The loss includes a $680 million writedown of the value of its coal-fired power plants after last year accelerating plans to close them, instead of spinning them off.
It also includes an $890 million loss on fair value related to its energy derivatives contracts.
The power giant said on Thursday that, excluding writedowns, it had an underlying net profit after tax for the 12 months to June 30 of $281 million, up 25 per cent from a year ago.
“AGL’s financial result for FY23 reflects a strong second half following a challenging start to the year, which was impacted by volatile energy market conditions and forced plant outages, including the prolonged outage of Loy Yang Unit 2,” managing director and CEO Damien Nicks said.
The company declared a final unfranked dividend of 23 cents per share, bringing its total dividends for 2022/23 to 31 cents, up 19 per cent from the previous year.
Looking forward, AGL forecast an underlying 2023/24 net profit of between $570 million and $780 million.
