MARKETS

AGL profits blown by the wind

AGL Energy shares were down 7% this morning after recognising after-tax charges of A$2.6 billion for the December quarter, including $1.9 billion for onerous legacy wind farm offtake agreements, as well as plummeting electricity prices thanks to the increasing uptake of renewables.

Mark Tilly

Govt intervention also blamed

The massive write down also included increases to environmental restoration provisions totalling $1.1 billion and a further A$532 million across its power stations and natural gas assets. The company...

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