AGL Energy Limited (AGL)
All research reports and stock updates for AGL Energy Limited.
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Base camp
A recovering wholesale electricity market has bolstered AGL’s short term earnings profile. The strategy to decarbonise its electricity generating fleet remains undeterred – Liddell has closed with Bayswater (2033) and Loy Yang A (2035) on the clock. Even with a brighter earnings outlook, the financial challenge is large.
Gaslighting
AGL Energy has a mountain to climb, and it is only at base camp.
Between a Grok and a hard place
AGL Energy is on an irreversible journey to decarbonise its generation fleet and at a much harried pace, but the financial implications have become subservient to the ESG agenda.
Not much to be desired
Poor operating performance in 2H22, has continued into FY23
Lights still flickering
AGL Energy’s first half result was better than expectations, but the company is still far from safe ground. Principal among the issues to be resolved is the stretched balance sheet.
Darkest near the demerger dawn?
AGL’s share price has continued to plummet in the face of on-going weakness in wholesale electricity prices, the poor state of the balance sheet and dubious corporate governance. But as the split of the company into the retail business AGL Australia and the generator Accel Energy approaches, we have relented on our Sell recommendation and upgraded it to a Hold.