Business

Feb 9, 2018

So that’s where all your energy money has been going!

AGL told the ASX yesterday that its profit had nearly doubled to $622 million from $325 million a year earlier.

Glenn Dyer — <em>Crikey</em> business and media commentator

Glenn Dyer

Crikey business and media commentator

Prime Minister Malcolm Turnbull and Energy Minister Josh Frydenberg have been huffing and puffing for most of the past year about the nasty people at AGL for not keeping its rickety, climate change-inducing Liddell coal-fired power station in the New South Wales Hunter Valley open past 2022.

As with so much of their confected anger at business, Turnbull, Frydenberg, Barnaby Joyce and others in the government have completely missed the mark with Liddell and AGL. The government should be looking at the company’s financial statements -- specifically its earnings guidance for the year to June 30 2018, which was set last year, confirmed in December and reconfirmed on Thursday. If you want to know where your money has gone with these big rises in electricity and gas, look no further than the profit account for AGL: it could very well hit a record of almost $1 billion by June 30, a record.

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8 comments

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8 thoughts on “So that’s where all your energy money has been going!

  1. Phen

    As an aside to the above, what possible justification is there for the taxes on alcohol etc increasing by so much more than normal indexation?

  2. Roger Clifton

    A lot of us would be very happy with AGL paying a lot of that profit as carbon taxes, and for its talk to be about which non-carbon sources will replace coal or gas on the sites of old power stations.

  3. AR

    Lucky that we don’t get the Dutch Disease – generations of full employment, high living standard and low inflation due to North Sea gas.

  4. Wayne Cusick

    The wonders of privatisation!
    I thought selling utilities to the private sector was supposed to make things run more efficiently and be cheaper.

  5. Alex

    Geez Glen, AGL have been so generous as they rewarded me, a long term sucker/customer, with a 10% discount on any online purchase with Amazon for Chrisake. What a bloody insult.

    1. gjb

      haha…. don’t ever expect a discount from them

  6. klewso

    “Moo? Heads up, here comes Turnbull. Must be milking time?”

  7. Marjorie Carless

    This country’s governments both state and federal have sold basic taxpayer owned utilities to private companies who are obviously in it for the best profit they can make and then make the most ridiculous excuses for why our energy bills are becoming unpayable by the majority of our population. These energy companies are running rings around us and like all businesses which make a profit are lauded by financial pundits.

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