Why AGL, Bubs, BWP, & Origin shares are dropping lower

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is under pressure and dropping lower. At the time of writing, the benchmark index is down 0.65% to 6,780.4 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping lower:

The AGL share price has fallen 5.5% to $11.22. The catalyst for this decline was the release of an update on asset impairments this morning. According to the update, the energy company plans to recognise charges of $2,686 million (post-tax) in its first half results for FY 2021. Approximately $1,920 million of these charges relate to provisions for onerous contracts for legacy wind farm offtake agreements. Sustained weakness in wholesale electricity prices…