Energy giant AGL has stepped up its transition away from coal and gas as it struck a deal to buy an Australian big battery and solar farm developer.
The energy provider revealed it has 800 MW of new grid-scale batteries in operation, in testing or under construction.
AGL on Wednesday reported its better-than-expected annual profit to $711 million.
source
Higher electricity prices and ongoing taxpayer subsidies for renewables have led AGL to a $711m profit.
All stolen
So, rather than making power cheaper, you put it back onto customers to use less. The customers are using less, yet their power bills are still increasing. I'm surprised you aren't suggesting they turn off their fridges to save power, as there's not a lot more many people can switch off to use less power. Bunch of rip-off companies just out for themselves at the expense of their customers and the tax payers.
Ross: Your customers are doing it hard the last few years.
AGL Ceo: gives answer yet comes across as meaning- We really don't care, I want me bonus and I'll keep charging customers more. Then I'll hook them up to plans, which they won't be able to pay off, then there next bill will be added on top each quarter. Then I'll tell them to buy EV's which they can't afford.
Wait … $700M for a "one hour battery"? OMG, you call that success? Obviously this is no free market !! Disgusting interference and over-regulation by the government(s). At least let us put in some nuclear plants, it's supposed to be an 'existential crisis' right? Mitch, Australia.
They are named Australian gas light company ironically
Yep this is why wholesale elec is 10c a kwh and retail is 45c a kwh.
Are the renewables profitable without any government subsidys?
Glad the big wigs are pulling profit. With economic downturn I was worried about them!
….wenewables help climate… Listen to CSIRO! They only say good stuff now…we fix dem good.
Also screw you cheery unethically employed prick!
Renewables pay small dividends!
Nope. Not buying this narrative. There is no reason for coal to close until coal runs out.
I tried to invest but apparently I'm too poor, I'll just stick to the pokies, and very suspicious barmaids.
Well hopefully my shares go up as since cannon brookes stuck his nose in they have done squat
The cheapest form of generating electricity is in coal fired power stations. This commentry is at standard of a used car salesman trying to sell a motor car with no petrol or tyres. It's deceitful propaganda. Those companies & shareholder support windmills & solar please do so WITHOUT government subsidies . Be true Capitalist not socialist living off the public purse . You are well aware that you won't survive finacally.
Who are they profiting off?
Foreigners or their fellow Aussies?
How convenient rolling in the profits the CEO will buy a new yatch while the rest live in parks
ceos managers getting a good pay rise
MY AGL BILLS IS GOING TOWARDS YOUR USELESS RENEWABLE CRAP AND I AM SICK OF MY AGL BILLS GOING UP AND CONTINUE TO BECAUSE THIS RENEWABLE ENERGY CRAP IS JUST THAT RENEWED WITH MORE MONEY FROM US THE TAX PAYERS
Unprecedented rip offs
DUTTON'S NUCLEAR POWER PROGRAM IS CLEAN ENERGY DUTTONI'SSTA'S KEEPING DA LIGHT'S ON. HAYE'S DA MISST'A OF ANISST'AS 👋🤔☕️
We’re putting up power bills next week the profit was Yesterdays profit its now old news we will take and you will give this is our new company jingle
I can't stand.this gaslighting.
Damien Nicks. Appropriate name for the CEO of the company that robbed ex customers via centrepay.
Do a story on that sky
The guy is delusional….solar, wind are not reliable, not recyclable….. Someone will come into the market with reliable nuclear and clean out these pretenders….
That’s a lie
What a load of rubbish. These people are using government subsidies to introduce the energy transition.
Rorting us with high energy bills more like it
Time to take our power generation back off corporations who are rorting us with our own resources
So the net profit is totally due to the huge retail price increases to customers. Got it.
#ClimateScam AGL needs to invest in ‘feed in tariffs’. “Rang of assist” like Nuclear!!!! Too long!?!? I would love to sell out of $AGL once they get over $13…..Haha, “supporting the customers”😢
Nope, charging me $1000 more than normal one quarter and who knows how many others is why they have profits! I was disconnect twice trying to dispute it. I didnt hang up, they did. 🤬❤️🇦🇺🦘
Australian economics and governance in a nutshell. Folks – you’re in some serious economic and societal trouble. Yet, you gawp at the next shiny thing like goldfish.