Already a subscriber?AGL Energy upgraded its full-year earnings guidance for the second time in three months thanks to increased summer demand and an improved operational performance from its power stations.
The energy giant, in which software billionaire and clean energy advocate Mike Cannon-Brookes is the largest shareholder, bumped the lower bound of its guidance for financial year 2024 up by $80 million. AGL CEO Damien Nicks at the site of the Torrens battery, which is now fully operational. Photo: Roy VanDerVegt
AGL now expects annual underlying net profit of between $760 million and $810 million – up from the $680 million to $780 million advised on February 8, when it“The update to guidance reflects the continued strong operational and financial performance of the business since the half-year results, due to improved plant availability, flexibility and generation, higher consumer demand over the summer period in NSW and Queensland, and continued strong customer markets performance,” the company said...
The February 8 upgrade boosted the lower end of its guidance by $100 million, reflecting higher wholesale electricity prices of about 20 per cent. Wholesale prices continued to increase in the March quarter as hot and steamy conditions struck in Queensland and NSW, increasing air-conditioning demand.The latest upgrade is good news for AGL investors. AGL shares have advanced 6 per cent since February 8; they last changed hands at $9.32.