Energy cash cows running dry as green deals leave $2 billion hole in AGL profits

Thursday February 04, 2021

Auditor-General Brendan Worrall has highlighted how state-owned power corporations – long a cash cow for the Queensland treasurer – are under increasing pressure from green energy reforms. So, too, is the private sector.

AGL will take a hit against its profit because of bad wind farm contracts.

Power company AGL today revealed a $2.68 billion hit to its net profits, relating mostly to renewable energy and environmental provisions. Deals struck between 2006 and 2012 to take power from wind farms, at a price far higher than today’s prices, delivered a…

Click here to view the original article.