Noosa News
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…
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