Looks like solar over supply, coupled with massive under demand (mild weather week) has thrown out the profit for AGL. The price drop has really kicked in.
AGL is going to have to move quicker to get ahead of the other battery/storage peeps. Still, looks like they have a good year ahead now. An unusually hot, sunny end to winter and the start of spring has sent wholesale electricity prices tumbling, stoking hopes of bill relief in 2025. Renewable energy has on average accounted for about 35 per cent of Australia’s electricity generation mix during July in recent years, but in the last week of winter zero-emission sources provided more than 45 per cent of the country’s power. With soaring levels of renewables, wholesale electricity prices halved during the last week compared to levels seven days earlier across nearly all of the National Electricity Market, which does not include Western Australia and the Northern Territory, according to the Australian Energy Market Operator.
AGL Price at posting:
$11.70 Sentiment: Buy Disclosure: Held
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