AGL Jumps Most in Six Months on Strong Battery Performance

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessAGL Jumps Most in Six Months on Strong Battery PerformanceAGL Energy Ltd. shares jumped the most in six months as Australia’s largest power producer’s batteries helped offset declining wholesale electricity prices.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.7qbf]i79g2vdunwtdnf2846m_media_dl_1.png Bloomberg(Bloomberg) — AGL Energy Ltd. shares jumped the most in six months as Australia’s largest power producer’s batteries helped offset declining wholesale electricity prices.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountShares in the Sydney-based company rose as much as 6.1%, the most since Feb. 11, paring this year’s decline. The company said Wednesday that underlying profit after tax fell 1.7% to A$631 million ($445 million) in the year through June 30, and it forecast A$470 million to A$670 million for the current fiscal year. AGL is increasingly looking to batteries and renewable energy as it retires its aging fleet of coal plants, under pressure from its biggest shareholder, billionaire Mike Cannon-Brookes. Australia’s rapid energy transition has seen renewables’ share of generation rise to more than 40% in the main grid, leading to lower prices and pushing out fossil fuel plants.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“The improved availability and flexibility of our generation asset portfolio, including the continued strong performance of our batteries, supported earnings resilience in a period of low volatility,” Chief Executive Officer Damien Nicks said on an earnings call. Value is shifting toward flexible assets, while increased electrification, higher EV penetration and AI data centers are driving strong long-term demand growth, he said.AGL said its batteries contributed A$57 million to total earnings before interest, taxes, depreciation and amortization, an increase of A$10 million from a year earlier, despite lower market volatility. Capital expenditure yield from the company’s growing battery fleet has risen to 20%.The utility declared a fully franked final dividend of A$0.26, taking fiscal year dividends to A$0.50, slightly higher than estimates. “We expect a modestly positive market reaction with strong operational performance across generation and retail, solid FY27 guidance and a modest dividend beat,” Citi analysts Tom Wallington and Sumeet Ozarde said in a note. This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.