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Strong half year results for AGL

Woodside reserves

AGL Energy reported strong revenue and operational numbers for the six months, which ended in December 2023.

The company recorded $399 million in net profit, a 359 per cent increase from the previous year.

“Our first half result was driven by improved fleet availability and flexibility, mor stable market conditions, along with the impact of higher wholesale electricity pricing from prior periods being reflected in pricing outcomes and contract positions,” AGL Energy director and chief executive officer Damien Nicks said.

“This improved result, compared with the challenges experienced in the first half of the prior year, which was impacted by volatile energy market conditions and forced plant outages, supports the ongoing investment in our transition.”

Nicks also commended the company’s operational performance, which saw customer churn reach the highest levels for several years.

“As we announced last year, we are committed to supporting our customers during this difficult time of cost-of-living pressures with our $70 million customer support package,” Nicks said.

“To date, $35 million has been spent to deliver assistance to customers experiencing vulnerability.”

The company’s thermal generation fleet has also continued to improve with an increase to the fleet to 84 per cent, 9.7 percentage points higher than the previous year.

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