News: AGL cuts 2015 guidance

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AGL Energy Limited (ASX:AGK) has flagged a $186 million fall in earnings guidance for 2015.

 

The gas and electricity company says the repeal of the carbon tax will deny it transitional assistance arrangements worth about $100 million for the operations of the Loy Yang A power station. 

 

While a loss of $86 million is expected from its renewable energy and gas portfolios due to a potential drop in power prices associated with the removal of the carbon tax.

 

The company offered unaudited results for 2014 suggesting profit for last year would be in-line with market consensus at $561 million. 

 

AGL Energy reported a net profit of $261 million in the first half of the 2014 financial year.