AGL's Demand Strength May Reflect Less-Aggressive Solar Push -- Market Talk

Dow Jones05-08

2329 GMT - Macquarie thinks AGL Energy's more bullish assessment of consumer demand compared to rival Origin Energy reflects its less aggressive push into generating solar power. AGL said higher consumer demand over summer in Australia's eastern states of New South Wales and Queensland was a key driver of its profit upgrade yesterday. Macquarie notes the contrast with Origin which reported flat retail electricity volumes in 3Q. AGL now expects underlying Ebitda of A$2.12 billion-A$2.20 billion in FY 2024, and an underlying net profit of A$760 million-A$810 million. Macquarie raises its own forecast for underlying net profit by 5%, to A$790 million. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

May 07, 2024 19:29 ET (23:29 GMT)

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