Ann: Investor Day, FY23 & FY24 guidance and dividend policy, page-10

Profits have not yet reached pre-Covid levels. This is just the first of other profit upgrades. More to come.

People forget that the electricity companies loss lots last year. AGL reported a billion dollar loss last year. Energy Australia had a billion dollar loss. The average consumer didn't get a price decrease when generator prices tumbled during Covid, but commercial customers did. Commercial contracts have been rolling off and replaced with new contracts, some are 40% higher.

Now domestic customers are due to get hefty price increases, which will increase profits for electricity companies.

Someone has to pay for the transition to renewables. Only half the truth is being told about the transition. Sure, renewable generation is cheaper than coal, but new transmission lines are required and a monumental amount of storage is required. Storage is never going to happen unless there's price increases to pay for it. A rise in profits is going to happen, but will be temporary as development costs are incurred for transmission (passed on to distributors then retailers) and storage.

Buy while the share price is low. Technically AGL is overbought now, but a big, noisy, price increase is coming very soon so who knows what the share price will do for the remainder of June.