AGL Energy Limited
(ASX:AGL) says it acquired a higher than expected amount of wholesale gas from the spot market in the first quarter of the 2017 FY.
AGL says the reasons for this are the Queensland gas supply being curtailed by safety issues at a key supplier’s project, supply constraints in the gas market and increased demand at the AGL Torrens power station.
The company expects a negative impact of $35 million on its pre-tax wholesale gas margin in the first quarter of 2017 FY.
Regardless, AGL will not be revising its FY16 guidance, and expects underlying profit to be in the upper half of the $650 to $720 million range.
AGL reported a net loss of $449 million at 31 December 2015.
