Power bill increases swell AGL’s profits

Angela Macdonald-SmithSenior resources writer

Updated Feb 8, 2024 – 6.36pm,first published at 8.41am

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Higher power prices look set to buoy profits for major electricity and gas supplier AGL Energy through at least this half and possibly into next financial year, signalling little relief for households gripped by a cost-of-living crisis.

AGL pointed to higher electricity bills, better reliability at its remaining two coal power stations and lower coal expenses as the drivers for the quadrupling in interim profit to $399 million for the six months to December 31.