Business
Virus hit sends AGL shares to five-year low – The Australian Financial Review
Investors voiced shock at the extent to which soft wholesale power prices and a hike in gas costs will erode profit at the electricity and gas supplier.
AGL has long benefited from legacy low-priced gas supply contracts in its wholesale business, signed when prices were much lower, But the contracts were now maturing and had to be replaced at market prices in a tight market with few supply options, said AGL’s new chief operating officer, Markus Brokhof.
While AGL is pursuing a $300 million LNG import terminal at Crib Point in Victoria’s Western Port, the schedule of the contentious project has slipped, leaving the company needing to sign up to …
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