Australia's largest energy company, AGL Energy, reported a 189% increase in annual underlying net profit for FY2022, reaching $812M.

AGL Energy, Australia's largest energy company, reported a 189% increase in annual underlying net profit for FY2022, reaching $812M. This growth was driven by higher wholesale electricity prices, increased margins on electricity sales, and improved fleet availability. AGL projects an underlying profit of $530M to $730M for FY2025, with earnings guidance of $1.87B to $2.17B. The company plans to add 12 gigawatts of capacity by 2025 and has increased its customer support package to $90M in response to cost of living pressures.

August 14, 2024
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