‘Doesn’t pass the pub test’: AGL records whopping billion dollar profit
Energy giant AGL has posted a whopping billion-dollar profit, thanks to a surge in wholesale power prices.
The company’s earnings jumped by 28 per cent in the last financial year, with total revenue now at a staggering $12.8 billion.
“Come on, this is outrageous,” Ben Fordham says.
AGL has recently come under fire for refusing to sell its Liddell coal-fired power station, which is set to close in 2022.
Energy Consumers Australia CEO Rosemary Sinclair tells Ben the company’s huge profits don’t “pass the pub test”.
“Australian households are really struggling with power prices and then this announcement really causes people to go, ‘Youch!'”
She says consumers are calling out for a reduction in power prices, and they’re not seeing them because the market is lacking supply.
“It’s like when there aren’t enough bananas in the fruit shop, the price of bananas go up. What we’ve got to do is we’ve got to get some certainty back into this market.
“Once we get more supply in, prices will start coming down much more dramatically.”
Ms Sinclair says she’s confident the government’s National Energy Guarantee can do that.
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