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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