Coal-fired power station phase-out sends AGL into the red with $1.1 billion loss

Power giant AGL (ASX: AGL) has reported a half-year loss of $1.1 billion today as a result of decarbonisation plans, a reduction in forward pricing for electricity, and forced outages.

In an announcement to shareholders, AGL reported an impairment charge of $706 million as a result of its sped-up decarbonisation plans, which have been heavily supported by Australian billionaire Mike Cannon-Brookes – the group’s largest shareholder.

The decision has seen AGL push forward the closure of Loy Yang A - a coal-fired power station in Victoria’s Latrobe Valley station - to 2035, and aim to exit coal-fired generation that same year.

Read More: https://www.businessnewsaustralia.com/articles/agl-records--1-1b-loss-as-it-accelerates-decarbonisation-plans.html