AGL Energy, the biggest electricity generator in Australia, is reaping the rewards of its recent multi-billion dollar investment in large coal generators in Victoria, and the recent investment drought in wind and solar farms.
AGL Energy CEO Andy Vesey likes to joke that by the time he had been approached about the job, through to when he turned up to take the reins in 2015, AGL had morphed from what appeared to be a renewables-focused company to a major coal generator, the biggest in the country.
He’s probably thankful it is paying dividends to shareholders.
And how. In the last year, the price AGL received from wholesale markets nearly trebled – from $34/MWh to $83/MWh, according to Morgan Stanley.
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